US Treasury Secretary Scott Bessent said Thursday that Washington had bought Argentine pesos and finalized a $20 billion economic support program to help prop up the South American nation's faltering finances.

Argentina's right-wing President Javier Milei, a close ally of Donald Trump, swiftly thanked the American leader for his "vision and powerful leadership" following the announcement.

Milei had been struggling with market turbulence after a defeat in Buenos Aires provincial elections seen as a bellwether for upcoming mid-terms.

"Argentina faces a moment of acute illiquidity," Bessent wrote on social media Thursday, adding that Washington was well-positioned to act quickly.

"To that end, today we directly purchased Argentine pesos," the Treasury chief said. "Additionally, we have fi

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