US buys Argentine pesos, finalizes $20 billion currency swap

[peppertree]

7. True - but even then, it's not doing Argentina any good (and there's the matter of Argentina's Congress approving this)

Since Milei decreed currency deregulation - like all right-wing governments in Argentina have over the last 50 years - Argentine exporters simply offshore their dollars as soon as they earn them.

Plus - MIlei's tax holiday last week cost Argentine coffers US$1.6 billion. For nothing - because, again, they offshore any hard currency earned.

Milei and Bessent are both very well aware that El Cheeto doesn't understand any of this. There's every reason to believe, in fact, that they hoodwinked Diaper Don into believing Milei "was facing a tough re-election fight" (when it's just midterms).

In any case - even if Milei finds a way to get around Congress (as he often has - but much less so lately), his electoral fate is sealed:

His pseudo-fascist coalition (many of them, dictatorship apologists) is already bracing for a double-digit seat loss in the House, and a few in the Senate.

As it is, all they can count on anymore is around 70 of the 257 House members, and 7 of the 72 Senators - having pissed off every last one of their allies by now.

And as mentally unstable as he is, many now expect Milei to simply resign and flee to Miami (where he owns a condo) after the October 26th midterms. And even right-wing executives - who a year ago thought he was a "flawed genius" - are hoping he does so.