Back to today’s briefing

Story perspectives

Argentina Faces Economic Turmoil Amid Milei's Party Loss

9/23/2025

46 5 Full Breakdown

Summary

Story summary

Javier Milei's party lost Buenos Aires 34% to the Peronist coalition's 47%, signaling headwinds.
Central bank spent $1.1 billion over three days defending the peso, with $678 million from the United States (U.S.).
Scott Bessent indicated an $8.5 billion U.S. support package for Argentina.
Argentina suspended grain export taxes until October 31 to boost dollar supply; stocks and peso rose.

History

Historical Context

Argentina's economic turmoil began in 2001 with a severe crisis that led to the peso's collapse and a $95 billion debt default. The IMF intervened with a $40 billion bailout. In 2023, Javier Milei's election reflected ongoing economic struggles, as his party contended with the Peronist coalition amid inflation exceeding 140%. Recent U.S. support underscores Argentina's reliance on foreign aid to stabilize its economy.

1 of 2

Story summary

Javier Milei's party lost Buenos Aires 34% to the Peronist coalition's 47%, signaling headwinds.
Central bank spent $1.1 billion over three days defending the peso, with $678 million from the United States (U.S.).
Scott Bessent indicated an $8.5 billion U.S. support package for Argentina.
Argentina suspended grain export taxes until October 31 to boost dollar supply; stocks and peso rose.

1 / 2