The US bet big on Argentina bailout - is it paying off?

US Treasury Secretary Scott Bessent has called the Argentine peso "undervalued". But not many people agree.

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But Bessent's trickiest task may just be the White House bet on Argentina.

The US stepped onto the scene in mid-September, responding to a plunge in the peso - the Argentine currency - which officials feared could imperil Trump ally President Javier Milei and his party in looming midterm elections.

Bessent said the US would do whatever was needed to stabilise the situation, calling the country a key ally in the region.

In political terms, the US intervention - which included purchases of pesos and the establishment of a $20bn (£15bn) currency swap line that gives the Argentine central bank access to dollars - was a success for Milei.