Argentina’s economic crisis, market panicCopy link to sectionArgentina has been dealing with increased market volatility caused by a mix of domestic political swings and a fast-weakening currency. The immediate reason for market turbulence was a surprising election outcome in Buenos Aires, which sent shockwaves through financial markets, according to the Financial Times. The Argentine peso has fallen, approaching the bottom limit of its exchange rate band, leading the central bank to drain its foreign currency reserves at a rapid pace. In an effort to relieve pressure on Argentina’s foreign reserves, Milei’s administration has temporarily suspended export tariffs on grains, which are a major source of foreign currency for the country. This top-level meeting is likely to further shape the parameters of US assistance to Argentina in the months to come.