The Chainsaw Stalls: Can Milei Cut Through Argentina’s Currency Collapse?
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 12 October 2025
⏱️ 17 minutes
🧾️ Download transcript
Summary
Argentina’s economy is in crisis—again. President Javier Milei’s reforms slashed inflation and balanced the budget, but now the peso is under siege. In this video, we unpack the $20 billion U.S. bailout, the speculative pressure on Argentina’s currency, and the political risks ahead of the October 26 midterms.We’ll look at:Why the U.S. Treasury is buying pesos for the first time in decadesHow Milei’s fixed-but-adjustable exchange rate is draining reservesThe geopolitical angle: China, soybeans, and Washington’s strategic betWhat history tells us about defending overvalued currenciesWhether Milei’s reform agenda can survive—or if the chainsaw has stalled
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Transcript
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| 0:23.3 | Argentina has been burning through dollars like a gambler on borrowed time. In just seven trading |
| 0:29.2 | sessions, the Treasury sold $1.8 billion to defend the peso and maintain an exchange rate that |
| 0:36.1 | markets expect to collapse the day after the midterm |
| 0:39.5 | elections. |
| 0:41.2 | Interest rates on short-term debt surged past 87% this week and the central bank is running |
| 0:47.5 | low on ammunition. |
| 0:49.5 | The Argentine government is intervening in spot and futures markets, reinstating selective foreign |
| 0:56.0 | exchange controls and clinging to a currency band that looks increasingly fictional. |
| 1:02.0 | President Havier-Malay insists that the pay so must hold at least until October 26, when |
| 1:09.0 | half of Congress is up for grabs. But the more dollars he throws |
| 1:13.0 | at the problem, the more obvious it becomes that the current exchange rate is unsustainable. |
| 1:19.4 | A US Treasury pledge of support last month managed to calm markets but didn't reverse |
| 1:25.6 | the slump. Now the US has escalated its involvement. |
| 1:30.1 | On Thursday this week, Treasury Secretary Scott Besant announced that the US Exchange Stabilization |
| 1:36.6 | Fund, an emergency fund run by the US Treasury, had directly purchased Argentine pesos. |
| 1:43.5 | This is a very unusual move. |
| 1:46.0 | The ESF has only intervened directly like this four times in the last 30 years. |
| 1:52.0 | Its most recent high-profile intervention was more than a decade ago, |
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