announced earlier this month<\/a> is known as a \u201ccurrency swap,\u201d which gives Argentina\u2019s central bank the ability to exchange pesos for US dollars with the Treasury. Doing so can help stabilize its financial markets by injecting more liquidity. Effectively, though, it\u2019s a loan from the US government.\n <\/p>\n\n The Argentine peso has significantly devalued against other currencies since President Javier Milei, a close ally of President Donald Trump, suffered major defeats in local elections, raising doubts that he\u2019ll hold on to his legislative majority in midterm elections later this month. Trump said last week future efforts to boost the Argentine economy would be contingent on the election results.\n <\/p>\n
\n But on top of questions Trump has faced on the rationale for an economic rescue of the South American country, a looming concern is whether the efforts have been successful.\n <\/p>\n
\n While the Argentine peso initially rose following Bessent\u2019s announcement, the currency set a fresh low earlier this week, suggesting more work could be needed to stabilize it.\n <\/p>\n
\n Warren also questioned Treasury\u2019s plans to work with private-sector banks to generate a $20 billion loan to Argentina on top of the $20 billion rescue package from the government.\n <\/p>\n
\n Bessent, in his response, did not directly address her questions regarding private-sector involvement. The Treasury Department didn\u2019t respond to CNN\u2019s inquiry.\n <\/p>\n
\n Bessent is set to meet with Chinese Vice Premier He Lifeng in Malaysia, as trade tensions between Washington and Beijing have recently escalated.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Finalizing a $20 billion lifeline for Argentina using taxpayers\u2019 funds during the government shutdown was an essential action…\n","protected":false},"author":2,"featured_media":95176,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-95175","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/95175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=95175"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/95175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/95176"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=95175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=95175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=95175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}