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Trump spends America’s billions to save a friend in need

Stephen Bartholomeusz Senior business columnist September 25, 2025 — 11.59am Advertisement

The US has stepped in as the lender of last resort in an attempt to stabilise Argentina’s imploding finances and bail out a president who is a friend and ideological ally of Donald Trump.

Unexpected defeats in local elections earlier this month – fuelled by a voter backlash against Javier Milei’s austerity regime and allegations of corruption involving his sister – triggered a share selloff of Argentina’s currency, US dollar-denominated bonds and Argentinian shares, with investors fearing Milei’s radical economic reforms could stall if the outcome of next month’s midterm congressi

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