US Treasury Secretary Scott Bessent said Thursday that his agency was "fully prepared to do what is necessary" in support of Argentina, a week after revealing both sides were in talks over an economic aid program.

Argentina's right-wing President Javier Milei, a close ally of US President Donald Trump, had been struggling to halt market turbulence since a stinging defeat in Buenos Aires provincial elections seen as a bellwether for upcoming mid-terms.

Last week, Bessent announced that he was in talks with Buenos Aires on a $20 billion program of support to end a run on the Argentine peso.

That announcement, which followed a meeting between Trump and Milei in New York, caused the peso to rally, but in the absence of new details on the US rescue plan, the currency slumped again this week.

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