Will Trump's $20 Billion Backing Help Milei Change Argentina's Fortunes?
Argentina has already utilized over $50 billion in IMF funds. Despite assurances from U.S. officials, there is skepticism about Argentina achieving a different outcome with this currency support.
The country has faced financial difficulties this year, with its external accounts deteriorating, despite improvements in its fiscal accounts. The current account, which measures the broad trade balance, including interest payments on foreign debt, has moved into a deficit.
The government has sought to maintain a relatively strong peso to combat inflation, but this has required dipping into its foreign exchange reserves. When these reserves became critically low, Argentina secured the ability to borrow foreign exchange reserves from the United States.
Argentina can achieve a different result with this currency support.
Author's summary: Trump's $20 billion backing may not be enough to change Argentina's fortunes.
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