The U.S. is providing a $20 billion currency swap line with Argentina’s central bank — essentially exchanging stable U.S. dollars with volatile pesos.
While Argentina poses little systemic risk, it can still matter in terms of flight risk for capital along with volatility in debt and commodity markets.
In addition to economic and market matters, the U.S. has a significant political stake in what’s happening in Argentina
It doesn’t seem to be helping the Argentine Peso recover it’s value if that’s any consolation.