U.S. Banks Put $20 Billion Rescue Plan for Argentina on Hold, According to WSJ
A planned $20B bailout to Argentina from JPMorgan (JPM), Citi (C), and Bank of America (BAC) has been put aside as lenders pivot instead to a smaller, short-term loan package to support the South American nation's financially depressed government, the Wall Street Journal's Alexander Saeedy and Justin Baer report, citing people familiar with the matter. Treasury Secretary Scott Bessent and the White House were aiming to strengthen Argentine President Javier Milei's pro-reform party when they announced the pair of stimulus packages in recent months, with the package including a $20B currency swap with the U.S. Treasury Department and plans for another $20B bank-led debt facility, the authors note. Publicly traded companies in the Argentina banking space include Grupo Financiero Galicia (GGAL), Banco Macro (BMA), Banco BBVA Argentina (BBAR), and Grupo Supervielle (SUPV).
