Will Trump’s $20 Billion Backing Help Milei Change Argentina’s Fortunes?
Argentina has already spent over $50 billion in IMF funds. Despite US officials' assurances, there is skepticism about Argentina achieving a different outcome with this currency support.
The country faced financial troubles this year, with improved fiscal accounts but deteriorated external accounts. The current account, which includes interest payments on foreign debt, moved into a deficit.
The government aimed to keep the peso relatively strong to combat inflation, but this required dipping into foreign exchange reserves. When reserves became critically low, Argentina sought and obtained the ability to borrow foreign exchange reserves from the US.
No specific statement from officials is provided in the text.
Author's summary: Trump's $20 billion backing may not be enough to change Argentina's fortunes.
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