{"id":30309,"date":"2025-09-27T19:45:20","date_gmt":"2025-09-27T17:45:20","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=30309"},"modified":"2025-09-29T14:43:17","modified_gmt":"2025-09-29T12:43:17","slug":"argentina-usa","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/argentina-2\/argentina-usa","title":{"rendered":"The United States bail out Argentina"},"content":{"rendered":"<p data-start=\"77\" data-end=\"178\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"30312\" data-permalink=\"https:\/\/michelsanti.fr\/en\/argentine\/30307-argentine-usa\/attachment\/sauvetage-argentine\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?fit=1820%2C1900&amp;ssl=1\" data-orig-size=\"1820,1900\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"sauvetage argentine\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?fit=981%2C1024&amp;ssl=1\" class=\"alignnone size-full wp-image-30312\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?resize=1170%2C1221&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"1221\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?w=1820&amp;ssl=1 1820w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?resize=287%2C300&amp;ssl=1 287w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?resize=981%2C1024&amp;ssl=1 981w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?resize=768%2C802&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?resize=1471%2C1536&amp;ssl=1 1471w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/sauvetage-argentine.jpg?resize=1200%2C1253&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p data-start=\"58\" data-end=\"155\">The U.S. Treasury has just announced a set of massive financial support measures for Argentina:<\/p>\n<ul data-start=\"157\" data-end=\"372\">\n<li data-start=\"157\" data-end=\"209\">\n<p data-start=\"159\" data-end=\"209\">the purchase of Argentine bonds in U.S. dollars,<\/p>\n<\/li>\n<li data-start=\"210\" data-end=\"295\">\n<p data-start=\"212\" data-end=\"295\">the establishment of a stand-by credit via the Exchange Stabilization Fund (ESF),<\/p>\n<\/li>\n<li data-start=\"296\" data-end=\"372\">\n<p data-start=\"298\" data-end=\"372\">a $20 billion currency swap line with the Argentine Central Bank (BCRA).<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"374\" data-end=\"569\">Because, contrary to all the bluster of libertarian neoliberals everywhere who, since the rise to power of their mascot Milei, dream of replicating this folly worldwide: <strong>Argentina is imploding<\/strong>.<\/p>\n<p data-start=\"571\" data-end=\"960\">The peso is in freefall, the stock market has collapsed nearly 50% (in dollar terms) so far in 2025, and 40% of the population lives below the poverty line. The much-vaunted budget surplus is obviously a mirage, achieved by slashing pensions, massively cutting social assistance\u2014including care for the disabled. The \u201cgreat reformer\u201d Milei has plunged the country into a brutal recession.<\/p>\n<p data-start=\"962\" data-end=\"1155\">Despite these \u201cimpressive progress\u201d (to quote U.S. Treasury Secretary Scott Bessent), the United States is deploying heavy artillery and is ready to do whatever it takes to support Argentina.<\/p>\n<hr data-start=\"1157\" data-end=\"1160\" \/>\n<h3 data-start=\"1162\" data-end=\"1200\">Corruption at the heart of power<\/h3>\n<p data-start=\"1202\" data-end=\"1945\">Let us set aside the electoral calculations behind the timing chosen by U.S. authorities, since Milei\u2014facing increasingly determined opposition\u2014stands to lose big ahead of the crucial midterm vote on October 26. More serious are detailed allegations of corruption directly implicating the President\u2019s own sister, Karina Milei, a key figure in his administration, who is caught up in a major scandal. Audio recordings suggest she demanded 3% kickbacks from pharmaceutical companies in exchange for contracts with the National Agency for Disability Services (ANDIS). These were nothing less than vital medicines for disabled people, withheld and worsening the suffering of the most vulnerable in an environment already devastated by austerity.<\/p>\n<hr data-start=\"1947\" data-end=\"1950\" \/>\n<h3 data-start=\"1952\" data-end=\"1980\">A disproportionate sum<\/h3>\n<p data-start=\"1982\" data-end=\"2719\">How did the United States come to provide such massive financial support to this regime? The $20 billion promised represents <em>a 2,000-fold increase<\/em> over the assistance granted to Argentina in 2023, which barely exceeded $8 million. The world\u2019s least reliable sovereign issuer\u2014Argentina\u2014will now expose U.S. taxpayers directly. With U.S. public debt already surpassing $33 trillion, the situation is alarming enough without aggravating it by adding another $20 billion with little chance of repayment. The U.S. government is now reduced\u2014yes\u2014to issuing short-term Treasury bills massively, for lack of sufficient demand for its long-term bonds. As a sign of shaken confidence, yields on U.S. long-term debt are rising slowly but steadily.<\/p>\n<hr data-start=\"2721\" data-end=\"2724\" \/>\n<h3 data-start=\"2726\" data-end=\"2783\">Currency Swaps: technical tool or political weapon?<\/h3>\n<p data-start=\"2785\" data-end=\"3804\">One of the lifelines made available to Argentina by the U.S. is this swap line, a facility that allows a foreign central bank to obtain dollars in exchange for its national currency, with the aim of stabilizing reserves and avoiding a brutal depreciation\u2014in this case, of the peso. Thus, in 2008 and during Covid-19, the Fed opened its taps to major central banks (ECB, BoJ, BoE) to prevent a global liquidity crisis. Argentina, lacking both credibility and stability, cannot be compared to those partners. This swap must therefore be seen for what it really is: a political instrument in the service of Milei. This political bailout is nothing more than a rescue of an incompetent regime. Officially intended to strengthen Milei against \u201cspeculators,\u201d it transforms a stability tool into an act of electoral interference. The irony: this same Milei, the supposed champion of a minimalist state, is now turning to a massive state bailout instead of exploring decentralized alternatives more in line with his ideology.<\/p>\n<hr data-start=\"3806\" data-end=\"3809\" \/>\n<h3 data-start=\"3811\" data-end=\"3843\">Milei\u2019s failure is obvious<\/h3>\n<p data-start=\"3845\" data-end=\"4174\">And this currency swap is doomed to be nothing more than a band-aid on a hemorrhage that cannot be stopped. While the Americans risk a government shutdown, billions are being siphoned away to another country where corruption denies the disabled access to care. We truly live in a dystopian matrix where priorities are inverted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Treasury has just announced a set of massive financial support measures for Argentina: the purchase of Argentine bonds in U.S. dollars, the establishment of a stand-by credit via the Exchange Stabilization Fund (ESF), a $20 billion currency swap line with the Argentine Central Bank (BCRA). Because, contrary to all the bluster of libertarian&hellip;<\/p>\n","protected":false},"author":4,"featured_media":30312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648942771],"tags":[],"class_list":["post-30309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-argentina-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The United States bail out Argentina - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/argentina-2\/argentina-usa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The United States bail out Argentina - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"The U.S. Treasury has just announced a set of massive financial support measures for Argentina: the purchase of Argentine bonds in U.S. dollars, the establishment of a stand-by credit via the Exchange Stabilization Fund (ESF), a $20 billion currency swap line with the Argentine Central Bank (BCRA). 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The condemnation was nearly unanimous, with just one dissenting voice\u2014unsurprisingly, that of Argentina, led by the self-proclaimed \"anarcho-capitalist\" Milei, an unwavering supporter of Trump. The Argentine president is\u2026","rel":"","context":"In &quot;Argentina&quot;","block_context":{"text":"Argentina","link":"https:\/\/michelsanti.fr\/en\/category\/argentina-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/milei.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/milei.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/milei.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/01\/milei.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":25497,"url":"https:\/\/michelsanti.fr\/en\/argentina\/javier-milei-argentinas-last-chance","url_meta":{"origin":30309,"position":1},"title":"Javier Milei: Argentina&#8217;s Last Chance","author":"Michel Santi","date":"January 6, 2024","format":false,"excerpt":"Several countries have decided to stop using their own currency and instead adopt the US dollar as the standard for exchanges. For some poorly managed economies plagued by corruption, abandoning the national currency is often a last resort before total collapse. Westerners often fail to realize the endless complications and\u2026","rel":"","context":"In &quot;Argentina&quot;","block_context":{"text":"Argentina","link":"https:\/\/michelsanti.fr\/en\/category\/argentina"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/Milei.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/Milei.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/Milei.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/Milei.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/Milei.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13814,"url":"https:\/\/michelsanti.fr\/en\/emerging-markets\/desperately-seeking","url_meta":{"origin":30309,"position":2},"title":"Desperately seeking $ !","author":"Michel Santi","date":"August 28, 2018","format":false,"excerpt":"Since last January, interest rate hikes have accelerated throughout the world. It\u2019s simple: we might have returned to the pre-Lehman average rate level, according to a Bank of America Merrill Lynch study! It\u2019s not surprising that, in such a situation, global cash is drying up internationally since it goes without\u2026","rel":"","context":"In &quot;emerging markets&quot;","block_context":{"text":"emerging markets","link":"https:\/\/michelsanti.fr\/en\/category\/emerging-markets"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/dollar.png?fit=640%2C300&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/dollar.png?fit=640%2C300&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/dollar.png?fit=640%2C300&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":28804,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/tariffs","url_meta":{"origin":30309,"position":3},"title":"Trump\u2019s Tariffs: Economic Voodoo at Work","author":"Michel Santi","date":"April 7, 2025","format":false,"excerpt":"\"They are to economics what creationism is to biology, and astrology is to astronomy,\" tweeted Larry Summers, former U.S. Secretary of the Treasury. A statement that highlights the sheer absurdity \u2014 even outright foolishness \u2014 of the tariffs imposed by the Trump administration. Why then has Lesotho, one of the\u2026","rel":"","context":"In &quot;financial crisis&quot;","block_context":{"text":"financial crisis","link":"https:\/\/michelsanti.fr\/en\/category\/financial-crisis"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/Gnk2Z6rW8AASGdE.jpg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/Gnk2Z6rW8AASGdE.jpg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/Gnk2Z6rW8AASGdE.jpg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/Gnk2Z6rW8AASGdE.jpg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/Gnk2Z6rW8AASGdE.jpg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":27858,"url":"https:\/\/michelsanti.fr\/en\/competitiveness\/trump-the-organization-of-chaos","url_meta":{"origin":30309,"position":4},"title":"Trump: The Organization of Chaos","author":"Michel Santi","date":"March 23, 2025","format":false,"excerpt":"Without explicitly stating it, Donald Trump draws a correlation between the undeniable reserve currency status of the dollar and its impact on the industrial competitiveness of the United States. In truth, the facts support his argument, as industrial jobs now account for only 10% of employment in the U.S., compared\u2026","rel":"","context":"In &quot;Competitiveness&quot;","block_context":{"text":"Competitiveness","link":"https:\/\/michelsanti.fr\/en\/category\/competitiveness"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":28702,"url":"https:\/\/michelsanti.fr\/en\/protectionnism\/trump-on-a-record-breaking-streak","url_meta":{"origin":30309,"position":5},"title":"Trump: on a record-breaking streak","author":"Michel Santi","date":"April 5, 2025","format":false,"excerpt":"The tectonics of global investment are undergoing spectacular upheavals, to the severe detriment of the United States, which is experiencing a full-scale exodus. Foreign investors and speculators are liquidating U.S. assets at the most dramatic level of the CENTURY, accompanied by massive capital outflows being repatriated outside the U.S. Breaking\u2026","rel":"","context":"In &quot;protectionnism&quot;","block_context":{"text":"protectionnism","link":"https:\/\/michelsanti.fr\/en\/category\/protectionnism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/GnmyO8kXIAArtbY.jpg?fit=1200%2C833&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/GnmyO8kXIAArtbY.jpg?fit=1200%2C833&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/GnmyO8kXIAArtbY.jpg?fit=1200%2C833&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/GnmyO8kXIAArtbY.jpg?fit=1200%2C833&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/04\/GnmyO8kXIAArtbY.jpg?fit=1200%2C833&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=30309"}],"version-history":[{"count":7,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30309\/revisions"}],"predecessor-version":[{"id":30325,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30309\/revisions\/30325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/30312"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=30309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=30309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=30309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}