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US Treasury Secretary Scott Bessent announced Wednesday a potential $20 billion currency swap arrangement with the government of fascist President Javier Milei in Argentina in a brazen act of election meddling.

Using the funds of the US state to prop up a regime whose support is collapsing ahead of the October 2025 legislative elections and already casting a shadow over the 2027 presidential contest, Bessent was unambiguous in framing the intervention as a direct “endorsement” of Milei.

The Argentine president’s approval rating fell below 40 percent for the first time this month amid an unraveling corruption scandal involving paybacks to his sister through the National Agency for the Disabled.

For Argentina, the swap means the US Treasury would transfer US dollars to Argentina’s central bank, with Argentina supplying pesos in return. This acts as a line of credit or liquidity support—Argentina gets access to the dollars it desperately needs to pay debts and import, and prevent a currency run.

Bessent confirmed that the Trump administration is also preparing to buy up Argentine sovereign bonds and provide massive emergency financing through the US Exchange Stabilization Fund (ESF).

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[-] DreamAccountant@lemmy.world 49 points 1 week ago* (last edited 1 week ago)

Global fascist network. They're building it as fast as they can.

We already have a name for it. It was chosen long ago:

They're the Axis.

[-] queermunist@lemmy.ml 7 points 1 week ago

The US has a long and rich history of supporting Latin American dictators, same as it ever was.

[-] SaveTheTuaHawk@lemmy.ca 5 points 1 week ago

The IDU. Headed by Canada's Stephen Harper, PetroNazi.

[-] Lucky_777@lemmy.world 48 points 1 week ago
[-] MuskyMelon@lemmy.world 12 points 1 week ago

Hey soybean farmers look what your president did while not sending you any aid.

[-] KnitWit@lemmy.world 9 points 1 week ago

And, as you are probably already aware with that statement, Argentina is also the country whose crops of soybeans are now being purchased by china as a replacement for the US ones they no longer want.

[-] SaveTheTuaHawk@lemmy.ca 6 points 1 week ago

$14B worth. Farmers should plant crypto.

[-] SaveTheTuaHawk@lemmy.ca 4 points 1 week ago* (last edited 1 week ago)

So you could say they reaped what they sowed.

[-] Stamau123@lemmy.world 3 points 1 week ago

They're not looking

[-] WhatAmLemmy@lemmy.world 1 points 1 week ago* (last edited 1 week ago)

Fascist First

[-] manxu@piefed.social 30 points 1 week ago

I am not sure "fascist" is the best characterization of Milei. He seemed to revel more in the idea of being a Libertarian. By which I mean his brand of populism was less about Faith and Country or a return to Mythical Golden Times and more about "government bad, let's starve government to death."

But yeah, having to beg Trump for cash is definitely a very bad look. What makes me giddy with happiness is that the article mentions how Milei approval rating has fallen below 40 percent. Which is where - guess whose!? - approval rating is right now.

[-] Reverendender@sh.itjust.works 24 points 1 week ago

Bessent’s glowing reviews of Milei’s record—insisting that Argentina is “doing a fantastic job” and that his “broad liberalization of prices” and “deregulation” constitute “important strides toward stabilization”—are patently absurd when confronted with the reality of Argentina’s deepening financial disaster. 

Far from stabilizing anything, Milei’s “shock therapy” has hit the working class with unprecedented austerity: collapsing wages, a steep recession, mass layoffs, social spending cuts, and a spike in poverty,

This sounds vaguely familiar somehow

[-] iAvicenna@lemmy.world 22 points 1 week ago

Is that where all the money they collect from stopping science funding and firing government workers will go to?

[-] SaveTheTuaHawk@lemmy.ca 4 points 1 week ago

Make

Argentina

Great

Again

[-] CircaV@lemmy.ca 20 points 1 week ago* (last edited 1 week ago)

Every American just paid $59 USD each to bail out Millei’s failed experiment in libertarianism.

What a fucking JOKE the US is. Socialism is ok when supporting stupid regimes and corporations, billionaires and banks. But otherwise SoCiALisM = BaD.

[-] Querch@lemmy.world 10 points 1 week ago

That money's getting embezzled, nothing will get done, Milei will lose the election and will loudly cry about election fraud on spurious evidence.

It's funny how the libertarians in Argentina understand the ~~invisible hand of the markets~~ US treasury bailouts.

[-] bender223@lemmy.today 4 points 1 week ago

Why we can't have ~~nice~~ things

this post was submitted on 27 Sep 2025
260 points (100.0% liked)

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