&imwidth=800&imheight=600&format=webp&quality=medium "US banks shelve Trump's $20 billion bailout package for Argentina's Milei")
A $20 billion bailout package for Argentina, planned by the Trump administration, got shelved by US banks like JPMorgan Chase, Bank of America, and Citigroup, the main contributors to the plan. Instead, the banks have proposed a smaller, short-term loan package of around $5 billion, stating that the larger debt facility is no longer being seriously considered, according to the Wall Street Journal reported, citing sources.
The US Treasury and Argentina negotiated a $20 billion exchange-rate stabilisation agreement, to be coupled with a bank-led debt facility for the same amount. The timing of the deal was key as it came days before of midterm elections, which were important for Argentina's libertarian president, Javier Milei.
The development was unexpected, given that both Donald Trump and Treasury Secretary Scott Bessent have been strong supporters of Milei. After winning the midterm elections, the Argentine leader thanked Trump, calling him “a great friend of the Argentine Republic.”
Trump, while announcing the October agreement, made it clear that continued financial support for Argentina was tied directly to the success of President Javier Milei’s La Libertad Avanza (LLA) party in the country's October 26 legislative elections. Trump stated that “If Milei loses, we are not going to be generous with Argentina,” and that “we’re not going to waste our time” with Argentina if LLA isn’t victorious.
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Opposition in Argentina accused the US president of meddling in the country's electoral influence with his direct messages to voters; however, it was not one of the incidents for which Trump has tried to influence elections in several countries like Germany, Canada and the United Kingdom by supporting his allies and making direct appeals to voters.
