The Trump administration finalized plans for a financial rescue of Argentina on Thursday, as Treasury Secretary Scott Bessent said he had taken the rare step of directly buying Argentine pesos in global currency markets in a bid to relieve pressure on the nation’s embattled President Javier Milei, an enthusiastic supporter of President Donald Trump.

In a lengthy post on Trump’s social media site Truth Social, Bessent defended what he said were Argentina’s “strong economic fundamentals” and praised Milei’s libertarian economic policies. Since taking office almost two years ago, the charismatic leader — known as “El Loco” or “the Madman” — has slashed government spending, fired nearly 50,000 public sector employees and driven inflation to its lowest rate since 2018. Advertisement

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