Treasury Secretary Scott Bessent described Argentina as a “beacon” for South America, saying its leader President Javier Milei is doing a “fantastic job” of reversing decline in the country. And Bessent hinted that he hoped the turnaround of Argentina—with the White House’s help—may cause a ripple effect throughout the region. Given the fact the U.S. dollar is the global currency, this adds a significant safety net to Argentina’s economy. Bessent added: “Look, when you have a failed state in South America like Venezuela, now we are having to track down and blow up these cartel ships. Meanwhile, Argentine dollar bonds due in 2035 were down to 51.45 cents this week, marking a six-day decline.