Scott Bessent says made money on Argentina swap

U.S. Treasury Secretary Scott Bessent said Tuesday that the U.S. government “made money” by providing financial support to Argentina’s central bank ahead of last month’s midterm election.

“We used our balance sheet to stabilize the government—one of our key allies in Latin America—during an election,” Bessent said in an interview on MSNBC. “The president there won by a landslide, and the government is going to make money.”

The Treasury Department did not immediately respond to requests for clarification on Bessent’s remarks.

Bessent was referring to the $20 billion swap line arranged by the Trump administration to back Argentine President Javier Milei before the election, in which Milei’s party exceeded expectations. Officials have avoided calling the move a bailout, instead describing it as support provided through the Treasury’s Exchange Stabilization Fund.

“In most bailouts, you don’t make money,” Bessent said. “The U.S. government made money.” He added that there is a “generational opportunity” to build stronger alliances in Latin America, pointing to upcoming elections in Chile and Colombia. “By stabilizing Argentina’s economy and making a profit, that’s a very good deal for the American people,” Bessent said.