Bank of America suspends $20 billion rescue plan for Argentina.

The Wall Street Journal reported on Thursday, citing sources, that plans for a $20 billion aid package to Argentina by JPMorgan Chase, Bank of America, and Citigroup have been put on hold. Instead, bankers are now seeking a smaller short-term loan option. In October, the U.S. Treasury reached a $20 billion currency stabilization agreement with Argentina, which would be paired with a bank-led debt mechanism of the same amount. The agreement was reached a few days before the mid-term elections, which are crucial for Argentina's liberal President Javier Milei. The report cited sources familiar with the matter as saying that bankers are no longer seriously considering the debt mechanism. It stated that creditors are planning to lend approximately $5 billion to Argentina through short-term repurchase agreements. This funding will be used to pay off around $4 billion in debt due in January, and noted that negotiations are still in the early stages and may change or fail.