The Global Story Trump is bailing out Argentina. What happened to ‘America first’?
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Oct 14, 2025 
Ioni Wells, the BBC's South America correspondent, shares her insights on Argentina's President Javier Milei, known for his eccentric style and pro-Trump stance. The discussion delves into Trump’s surprising $20 billion lifeline to Argentina, raising questions about political motives versus economic necessity. Wells highlights Milei's radical reforms amid hyperinflation, the implications of U.S. support in light of America's fiscal stakes, and the midterms that could redefine Milei's leadership and reforms. The conversation is both sharp and revealing!
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Chainsaw As Political Trademark
- Javier Milei gifted Elon Musk a chainsaw and used the chainsaw as a campaign metaphor for slashing government bureaucracy.
- The chainsaw became his trademark and a literal symbol of radical cuts to state institutions.
Rock Concert Campaigning
- Milei staged a rock concert during his campaign, performing Argentine rock classics in a leather jacket to crowds of 15,000.
- His celebrity-style campaigning and Rolling Stones fandom helped craft a rebellious, anti-establishment image.
What The $20bn Swap Actually Is
- The US announced a $20bn currency-swap framework and bought pesos on Argentina's open market, but has not detailed the swap structure.
- Currency swaps are meant to be lower-risk because currencies are exchanged and repurchased later, but tail events could still expose the US to losses.