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Weekly Report - 25 September 2025 (WR-25-38)

Trump rides to Milei’s rescue

Argentina’s President Javier Milei heaped praise on his US peer Donald Trump this week for helping to avert an incipient economic crisis. Sustained pressure on Argentina’s currency and economy this month led to the central bank (BCRA) burning through precious international reserves in a vain attempt to prop up the peso. This pressure would only have grown until at least the mid-term federal congressional elections on 26 October if Milei had not shared an ideological affinity, and close rapport, with Trump. US Secretary of the Treasury Scott Bessent made this explicit, while announcing that Washington would “do what is needed” to support Argentina, which was “a systematically important US ally in Latin America”. His words promptly calmed the markets and order was restored – for now.

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