For a US presidency that makes a habit of throwing around large numbers, the $40bn package earmarked for a rescue of Argentina’s economy may not be enormous. But it is still a poor use of money, for almost everyone involved.
Look at it from Argentina’s perspective. Over the past two weeks, the US has committed to a $20bn currency swap line with the Argentine central bank, intervened directly on at least two occasions to buy Argentine pesos in the spot market and announced plans to line up another $20bn package to help with the country’s upcoming debt payments. Yet the peso fell to a new intraday low of 1,476 per dollar on Monday. That compares with 350 pesos per dollar two years ago.
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