MARKETS
US Treasury promises Milei bailout
President Javier Milei of Argentina hopes that US Treasury backing can help him delay the need for a currency devaluation. Photo: X/@JMilei
Back in 2012, the sovereign debt crisis in southern Europe sparked fears of a dramatic Eurozone breakup, with debt defaults and an unravelling of the common currency all seen as a possibility. That was until Mario Draghi, then-chair of the European Central Bank (ECB), uttered his most famous promise: “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro.”
His phrase signalled that the monetary authority would not hesitate to buy distressed bonds from Greece, Spain, Italy and other struggling countries, marking the end of that market panic.
Yesterday, US Secretary of the Treasury Scott Bessent might have done the same for Javier Milei…
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