Argentina and the United States signed off on a $20 billion financial lifeline Monday, hoping to avert economic meltdown and boost President Javier Milei ahead of tough legislative elections.

President Donald Trump has plied Argentina with political and economic support ahead of the October 26 vote, which will decide whether his close ally Milei can force through labor, tax and pension reforms.

Milei, once a global poster boy for budget-slashing libertarian politics, is on the ropes as Argentines head to the polls.

Many of his reforms are languishing, his popularity is falling and he is battling to avoid devaluing Argentina's currency, the peso, before the vote, fearing that would drive up consumer prices.

But markets see the peso as substantially overvalued, forcing Buenos Aires to us

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