John Farmer

Well, I mean, credit where credit's due.

President Millet has reined in inflation, and that's no small feat.

I mean, the monthly rate's now about 2%, so high by international standards, but very low by Argentina's standards.

He's also met his big sort of zero-deficit target that he set.

But taking his sort of chainsaw to public spending has hit growth.

International reserves are low.

They're only about sort of $40 million.

And his government's been burning through these to prop up the peso.

So the peso took a battering after the Peronists.

That's the main national opposition in Argentina, won a big victory in legislative elections in Buenos Aires province last month.

So it's soon after this that the Trump administration sort of stepped up with the $20 billion financial lifeline that you mentioned.

Joe, and it did calm the markets for a bit, but they're looking rattled again now, in part because it's just not clear that the US will stick around if this Sunday's midterm congressional elections don't go to plan for Milley.

So Trump, he heaped praise on Milley when they met at the White House last week, and Milley's a close ideological ally.

But Trump loves a winner, and he said quite openly, if Milley wins, we're staying with him, and if he doesn't win, we're gone.

And investors were a bit shaken by this.

They're concerned that the Peronists, who they see as this sort of profligate and corrupt and responsible for Argentina, haven't been a serial defaulter over the years.

Investors are worried that they'll win again in the midterm.

So these elections are massive.

If Millet doesn't win seats and there are signs that public impatience is growing with his government, he'll be in for a really rough ride in Congress and pressure on the peso will be intense.

Yeah, well, absolutely.