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Citi Sells Argentine Pesos to Fed as Part of Treasury’s Rescue
Citi Sells Argentine Pesos to Fed as Part of Treasury’s Rescue
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BTCCSquare news:
The Federal Reserve quietly facilitated a peso-dollar swap as part of a $20 billion emergency lifeline to Argentina, with Citigroup acting as a key intermediary. Major Wall Street banks including JPMorgan Chase, Goldman Sachs, and Bank of America are negotiating short-term loans backed by Argentine assets.
Banco Santander SA has been executing onshore peso purchases for the US Treasury, attempting to stabilize a currency that plunged to 1,424 per dollar before recovering slightly. The intervention comes as Argentines flee to dollars ahead of October elections, with skepticism persisting about Washington's ability to prevent further devaluation.
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