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Nearly two years after Javier Milei’s Davos broadside, the U.S. moved to shore up Argentina: Treasury Secretary Scott Bessent offered a $20 billion currency swap to defend a falling peso after shock therapy. The Treasury, not the Fed, will extend it — a politicized shift that alarms Europe and challenges China’s sway. IMF-backed austerity and a deep devaluation brought disinflation, yet the peso slid amid Trump’s tariffs and capital flight. Talks lifted the currency. Bessent calls it a trade, not a bailout; he says the peso is undervalued. Skeptics warn relief may be fleeting.

Prepared by Christopher Adams and reviewed by editorial team.