Trumpism could dominate American politics long after Trump himself is gone—just as Perónism continues to dominate politics in Argentina.

The Trump administration authorized a $20 billion financial lifeline for Argentina as it faces an economic crisis. The deal has raised major questions and criticism about its merits. President Trump also said it’s contingent on Argentine President Milei’s party winning elections later this month.

US President Donald Trump greets President of Argentina Javier Milei as he arrives at the West Wing of the White House on Tuesday October 14, 2025.

Treasury Secretary Scott Bessent said on Tuesday that the U.S. has signed its $20 billion “economic stabilization” agreement with Argentina to prop up the South American nation’s crumbling

Trump has now agreed to step in with a long-mooted US$20-billion plan. US Treasury Scott Bessent has also pledged another $20 billion in public and private funds to help Argentina weather market turmoil, conditional on a strong electoral showing by Milei.

To understand why Argentina needs and deserves an international bailout, it helps to recall what happened in Greece not so long ago.