The US Treasury has purchased Argentine pesos as part of a controversial $20bn financial rescue plan for Argentina, aimed at stabilising the country's currency crisis. The move has been criticised domestically amidst spending cuts, with calls for funds to be redirected towards American healthcare. Argentina, facing financial turmoil ahead of midterm elections, has seen a sharp decline in the value of the peso, with investors offloading Argentine stocks and bonds. The US support, however, has boosted the peso and Argentine debt in financial markets.

Prepared by Christopher Adams and reviewed by editorial team.