Trump Attributes Milleys Victory in Argentina’s Election to U.S. Aid
U.S. President Donald Trump told reporters that Argentine President Javier Milei received “a lot of support” from the United States ahead of his party’s victory in the midterm elections. He described Milei’s win as unexpected and highlighted a $40 billion aid package designed to bolster Milei’s position before the election.
“He received a lot of help from us. I supported him very strongly,” Trump stated. He also praised several of his top officials, including Treasury Secretary Scott Basnet, for overseeing the aid to Argentina. “We work closely with many countries in South America, and we have a lot of focus on that region,” he added.
Milei’s victory grants the Argentine government new authority and legitimacy to carry on with its radical economic reforms, which continue despite widespread dissatisfaction with the country’s harsh austerity measures. According to Trump, Washington’s support for Argentina before the election included a $20 billion currency swap agreement and a plan to establish a $20 billion debt investment fund.
“We benefited a lot from that election because their bonds increased in value and their credit ratings improved, but we didn’t get into it for the money,” Trump remarked. Basnet, who was traveling with Trump, described the aid as “a bridge to support the national economic project,” noting: “He is fighting a hundred years of wrong policies, and with American support, he will succeed in breaking them.”
According to a Fitch Ratings report, American support for Argentina’s markets has prevented a downgrade in its credit rating, but the country needs to present a more comprehensive plan to rebuild its foreign exchange reserves to achieve an upgrade in the future.