Argentine President Javier Milei will meet with JPMorgan Chase (NYSE:JPM) Chairman and CEO Jamie Dimon two days before Milei’s party faces a crucial midterm election, according to a media report.
The results of the Argentine election could determine whether Milei will have the power to continue his free-market reforms. Just last week, the U.S. Treasury agreed to a $20B currency swap line with Argentina’s central bank as part of a plan to support the Argentine peso. The U.S. Treasury also sold ~$400M to bolster the local currency, Argentina’s economy minister told LN+ television.
The meeting was organized as part of Dimon’s visit to the region long before the most recent market panic in Argentina, Bloomberg reported, citing people familiar with the matter. The head of the U.S.’s largest lender regularly meets with world leaders when he visits various regions of the globe.
In addition to the currency swap line, the Treasury Secretary Scott Bessent was seeking to arrange private-sector financing, also amounting to $20B. The Wall Street Journal reported that banks were seeking collateral to back the debt facility. JPMorgan (NYSE:JPM) was reported to be one of those banks, along with Bank of America (BAC), Goldman Sachs (GS), and Citigroup (C).