For Scott Bessent¡¯s $20 billion bet on Argentina to pay off, a lot of things have to go right ¡ª things that in the past, in Argentina, have tended to go wrong.
The Treasury secretary announced a lifeline Thursday that¡¯s designed to pull the country¡¯s financial markets out of deepening turmoil, and a close political ally out of a hole. The U.S. is offering swap arrangements to shore up the peso ¡ª and it¡¯s already stepped in directly to buy the currency, a move with few precedents in recent decades.
"It¡¯s not a bailout at all,¡± Bessent told Fox News late Thursday. To a lot of observers, still waiting for the details to be fleshed out, it sure looks like one. It¡¯s been delivered by an administration that promised to put America first, to a country with a long track record of squandering other people¡¯s money and defaulting on its own debts.
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