US Treasury Secretary Scott Bessent announced on Friday that Argentina has fully repaid an emergency currency loan that generated “tens of millions” in profit for American taxpayers while stabilising a key regional ally.
In a social media post, Bessent praised Argentinian President Javier Milei’s economic reforms and said the successful intervention demonstrated that US President Donald Trump’s “Peace Through Economic Strength” policy was at work in Latin America.
Argentina faced a severe liquidity crisis in October with the value of the Argentine peso plummeting as investors lost faith in the economy.
This prompted the United States to provide emergency dollar funding through a currency swap from the Treasury’s Exchange Stabilisation Fund that effectively propped up the value of the peso, averting a financial crisis.
“Argentina has successfully re-accessed financial markets and has made encouraging changes to its monetary and exchange rate policy framework,” Bessent wrote.
The Treasury no longer holds any Argentine pesos, he added.
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