Elizabeth Warren accuses Trump of betraying farmers and ‘putting himself and his fellow billionaires first’ with $20 billion Argentina bailout

“The US Treasury is prepared, immediately, to take any extraordinary measures required to provide stability to the markets,” Picente said, adding that the Treasury held four days of meetings with Argentine Economy Minister Luis Caputo in Washington, D.C., to promote the deal.

Argentina’s liberal president, Javier Miley, is a huge fan of the US president Donald TrumpHe thanked Besant for his “strong support” and Trump for his “strong leadership.”

“Together, as our closest allies, we will create a hemisphere of economic freedom and prosperity,” Miley said in a social media post.

Bessent, who has come under fire from American farmers and Democratic lawmakers, has insisted that the credit swap is not a bailout. Farmers are angry about the idea of ​​bailing out Argentina, whose farmers have benefited from a recent wave of soybean sales to China at the expense of their counterparts in the United States. Lawmakers have pushed Trump to explain how this financial aid aligns with his aid “America first” Agenda.

Following the announcement on Thursday, a group of Democratic senators introduced the “No Bailout for Argentina Act,” which would prevent the Treasury Department from using the Exchange Rate Stabilization Fund to aid Argentina.

“It is incomprehensible that President Trump supports a foreign government, while shutting down our own,” Democratic Senator Elizabeth Warren of Massachusetts said in a statement. “Trump has promised ‘America First,’ but he puts himself and his fellow billionaires first and holds Americans to foot the bill.”

To make matters worse, repeated bailouts have failed to stabilize Argentina’s crisis-hit economy. As the IMF’s largest debtor, it owes the global lender a staggering sum $41.8 billion.

Miley, a far-right economist, came into office in late 2023 on a bold promise that this time would be different.

He pledged to take on the reckless public spending he inherited from his leftist predecessor. But his radical austerity program was painful, and with no economic recovery in sight, Argentines were beginning to run out of patience.

Miley now faces his biggest test yet as he heads to midterm congressional elections on October 26 that could decide the fate of his free-market experiment. A disastrous defeat in local elections last month sparked a sudden exodus of Argentine assets, as investors worried about the country’s political dysfunction, an overvalued peso, and the rapid depletion of foreign exchange reserves.

US financial aid offers Millie a crucial reprieve. On Thursday, Argentina’s dollar-denominated bonds rose about 10% after Becente confirmed the credit line, and the Buenos Aires stock market rose 15%.

Economy Minister Caputo expressed his “deep gratitude” to Besant after the announcement.

“Your steadfast commitment has been amazing,” he wrote.

Picent did not mention any economic conditions attached to the swap line to Argentina, leading many observers to criticize the intervention as a pre-election reward for a loyal friend rather than an investment in a strategic partner.

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Debre reported from Buenos Aires, Argentina.

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