Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Javier Milei, President of Argentina, and CNBC’s Sara Eisen that aired during “Money Movers” (M-F, 11AM-12PM ET), today, Wednesday, October 15. Following is a link to the video on CNBC.com: https://www.cnbc.com/video/2025/10/15/president-of-argentina-u-s-treasury-restored-total-absolute-confidence-with-bailout.html.
All references must be sourced to CNBC.
SARA EISEN: Hi, Carl. President Milei has been a long-time supporter of President Trump since the first administration and Milei was actually the first foreign leader to meet with the president at Mar-a-Lago after Trump’s most recent election win. I started my conversation with President Milei asking about what they discussed at the White House yesterday.
Sound from interview:
PRESIDENT MILEI: We have been discussing how to open up the American market to Argentine products.
EISEN: The President took a lot of people off guard when he said today with you that basically the support was tied to your political fortunes. Did that comment surprise you?
PRESIDENT MILEI: What we received was strong support for the ideas of freedom. And he also complemented that vision in his tribute to Charlie Kirk, saying that the United States is willing to support Argentina as long as we continue to advance the ideas of freedom. So, at least until 2027, we have that support assured.
EISEN: Right, because you have two more years in office. I think the market, at least at home for you, didn’t take it well because I guess there was some confusion of whether he was talking about your party making wins in the current midterms, which are coming up in a few weeks.
PRESIDENT MILEI: When you see the whole picture and also how the meeting went and how all the prior arrangements were made, I mean, it’s clear that, let’s say, the support is ongoing. I mean, and at the least I will be in office until 2027. And, if we get re-elected beyond that, too.
EISEN: How are you feeling about the midterms?
PRESIDENT MILEI: Basically, we are going to improve the composition of the Chamber. We are going to have a much higher level of support and that will allow us to push forward with structural reforms even more strongly.
EISEN: The market was so excited when you started coming in and doing these kinds of reforms, bringing down inflation, boosting growth, improving the fiscal picture. So. what happened this year that led to the collapse in confidence in the market?
PRESIDENT MILEI: Because it is also true that the market, faced with the continuous negative actions of Congress in an election year, feels exposed to greater risk and therefore is pulling out of Argentina, which was reflected in stock prices. And when news appears that confirms the path and direction, the market improves. But this will become very clear from now on. In fact, I have no intention of changing course until the end of my term. In other words, I am committed to the agenda of lowering taxes, deregulating, and keeping the economy growing.
EISEN: How much confidence do you think was restored by the Treasury stepping in with a 20-billion-dollar swap line?
PRESIDENT MILEI: Total and absolute. Let’s say that under no circumstances is the opinion, word, or action of the U.S. Treasury in doubt. But then again, the status quo has other bets. In fact, they lost a lot of money on those bets against the country. And well, let’s say, that’s why they react the way they do. But the fact is, for example, the swap is intended to provide Argentina with the financing to honor its debts. But the US Treasury showed that it is even more than that, because it also bought pesos on the foreign exchange market.
EISEN : How did that deal come together? Did you approach Secretary Bessent and ask for it?
PRESIDENT MILEI: It was a project that began back in March or April of this year and came to fruition, shall we say, recently.
EISEN: Can you just clarify what it actually does to restore confidence in the Argentine peso and what you’re trying to do? Because for a lot of Americans, they are wondering why are our tax dollars are going to Argentina. That’s not what this is.
PRESIDENT MILEI: In reality, let’s say, first point: just as the swap does not increase Argentina’s debt, it does not increase the United States’ debt either. It is a currency exchange. On the other hand, it is normal practice for central banks to buy currencies to build up reserves from other countries and even to buy government securities. Therefore, it is nothing that is not within the logic of what a central bank does. And if you see that some assets are very cheap, such as the Argentine peso or Argentine government bond positions, I say, well, it’s a good opportunity and that’s what Treasury Secretary Bessent said.
EISEN Was there any more discussion in today’s meeting or otherwise about other ways the U.S. can invest or support?
PRESIDENT MILEI: Well, let’s see, Argentina is receiving a lot of investment from U.S. companies. The most recent is the announcement made by Sam Altman of OpenAI himself, where they are going to be investing $25 billion. And there is also strong interest in different areas where Argentina is very competitive, whether it be mining, minerals, rare earths, uranium, nuclear energy, or more traditional sectors in Argentina, such as oil and gas.
EISEN: We really want rare earth minerals right now. That’s an important one.
PRESIDENT MILEI: Well, let’s say the doors are open to, let’s say, receive investments and spend the regime of RIGI, and that is working very well. We have already announced investments in the order of $20 billion, and there are another $60 billion pending. And to this we must add the $80 billion between OpenAI, YPF and Eni, and other additional investments that were announced last week.
EISEN: The RIGI regime as he called it, is basically their vehicle for attracting large scale investment into Argentina by giving incentives on tax, that sort of thing. OpenAI just last week has he mentioned, announcing $25 billion data center project in Argentina. Look, speaking with the President in beautiful Blair House where he was staying across the White House the message was clear. And that is, now that there is stability in the markets, he sees political wins ahead and he is determined to carry out both the tax and labor reform. That is what is on his to do list. And he attributes some of the market weakness and panic over the last few months or so to concerns about the politics. There was an election in a province in early September that didn’t go his way, his party lost. And that is what help caused, you know, some of the concern and panic around the currency. That’s now been calmed down thanks in part to what has happened with the U.S. Treasury and he is determined to carry our the next two years of his term, continuing the reforms, reforming Argentina’s economy, getting it out of fiscal malaise and I mean, inflation was like –I think he told me 1.5% per day when he came on – they have lowered that substantially. So there is obviously still a lot of work to do, but he is pretty determined to win back the confidence of investors by continuing to do that, guys.