Argentina's $20B Rescue Plan Postponed, Banks Consider Smaller Loan

Argentinas Twenty-Billion-Dollar Rescue Plan Postponed: Banks Consider Smaller Loan PackageThe twenty-billion-dollar rescue plan for Argentina, involving major banks like JP Morgan Chase, Bank of America, and Citigroup, has been postponed. Instead, a smaller, short-term loan package is being considered. This news comes after an earlier agreement in October, where the U.S. Treasury had arranged a twenty-billion-dollar currency stabilization deal for Argentina. However, the larger deal is no longer being seriously pursued by the banks. Instead, lenders are looking at a short-term repurchase facility, or repo, which would provide Argentina with about five billion dollars. This shift suggests a more cautious approach from the banks involved. The Milei government has been working to reduce inflation, but the countrys reserves remain low, highlighting the ongoing challenges Argentina faces.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.