"Trump's backing for his fellow conservative was part of a broader push to secure a political shift across Latin America, with elections pending in a number of nations. Treasury Secretary Scott Bessent oversaw a series of unorthodox steps aimed at stabilizing Argentine assets after the peso had plunged in the wake of Milei's party suffering a stinging defeat in a key provincial ballot last month."
"That bet, involving well over $1 billion in peso purchases according to market estimates, appears to have paid off in spades. Should the Argentine currency in Monday's trading session climb at a similar magnitude to that seen in cryptocurrency markets in the wake of the election, the US could be on course for hundreds of millions of dollars in gains."
President Donald Trump hailed Javier Milei after Milei's party won the most votes in midterm elections, marking a comeback victory. The United States arranged extraordinary financial backing, including well over $1 billion in peso purchases and a $20 billion foreign-exchange swap organized by Treasury Secretary Scott Bessent. That swap bypassed the Federal Reserve and complemented a pending $20 billion financing deal. The actions stabilized Argentine assets, pushed up bonds and debt ratings, and could yield hundreds of millions in gains if the peso continues its post-election climb. Argentina has a history of repeated defaults and owes $55 billion to the IMF.
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