The respite was brief. Argentina’s President Milei received a huge economic boost when the US Secretary of the Treasury Scott Bessent pledged to “do what is needed” to support Argentina on 22 September. The peso duly rebounded after having fallen through the floor of the exchange rate band established in April. But this rally soon tailed off, and the national currency came under renewed pressure this week as investors began to question the precise nature of US support and concern mounted about Milei’s political fortunes ahead of the crucial mid-term federal congressional elections on 26 October, especially after the emergence of yet another ill-timed scandal.
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