Following a meeting on Tuesday last week on the sidelines of the United Nations General Assembly (UNGA) in New York, US President Donald Trump described his Argentinian counterpart, Javier Milei, as a “truly fantastic and powerful leader”.

He told reporters, “I’m doing something I don’t often do … I’m giving my full endorsement to him.” The next day, US Treasury Secretary Scott Bessent said that he was “working in close coordination” with President Milei and would “do what is necessary” to support Argentina’s economy.

Bessent’s pledge came after Argentine bond prices plunged sharply last week, as investors watched the country’s central bank rapidly burn through its scant foreign currency reserves to defend the falling peso.

On Tuesday this week, the currency fell by more than 6 percent

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