U.S. Treasury Secretary Scott Bessent stated that the U.S. government's investment in the Argentine peso had concluded successfully, with the repayment of American financial support and the elimination of U.S. holdings of Argentine pesos in its exchange stabilization fund. The U.S. had purchased the Argentine currency in September 2023, when its value was declining, with the stated aim of preventing further economic instability and bolstering the party of President Javier Milei, who is considered a key ally of former President Donald Trump.
Bessent characterized the intervention as a success, stating in a social media announcement, "Stabilizing a strong American ally and making tens of millions in profit for Americans is an America First homerun deal." The move, however, drew criticism from some Democrats who argued that Bessent was risking taxpayer money in a nation known for its volatile financial history.
The U.S. intervention occurred amid concerns about potential market shocks following national midterm elections and anxieties that Milei's party might underperform. At the time, Bessent pledged to take necessary measures to stabilize the currency.
The exchange stabilization fund is a mechanism used by the U.S. Treasury to influence exchange rates and provide financial assistance to countries facing economic challenges. Interventions of this nature are not without precedent, but they often generate debate regarding the appropriate role of the U.S. government in influencing foreign economies and elections.
The U.S. Treasury has not released specific figures regarding the profit made from the peso investment. The Argentine economy continues to face significant challenges, including high inflation and debt. The long-term impact of the U.S. intervention on Argentina's economic stability remains to be seen.
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