U.S. Treasury Secretary Scott Bessent said the U.S. gamble on Argentina's currency proved successful, with American financial support repaid and the exchange stabilization fund cleared of Argentine pesos. The U.S. had purchased the peso last year when its value was declining, aiming to prevent further economic instability and support President Javier Milei's party before the national midterm elections.

The intervention occurred in September, amid concerns about potential election upsets for Milei's party and historical financial shocks following previous elections, which led to a sell-off of the peso. Bessent stated he would do "what was needed" at the time.

The move drew criticism from Democrats, who argued that Bessent risked taxpayer money in a nation known for financial instability. Bessent defended the action, stating in a social media announcement that it was "Stabilizing a strong American ally and making tens of millions in profit for Americans is an America First homerun deal."

The U.S. intervention was intended to stabilize the Argentine peso, which had been plummeting due to investor concerns surrounding the political climate and historical economic volatility in Argentina. President Javier Milei, considered a key ally of former U.S. President Donald Trump, faced midterm elections that could have impacted his party's standing. The U.S. government's decision to purchase the peso aimed to bolster confidence in the currency and prevent further economic turmoil.

The repayment of the financial support and the clearing of the peso from the exchange stabilization fund indicate the completion of the U.S. intervention strategy. The long-term effects on Argentina's economy and its relationship with the U.S. remain to be seen.