JPMorgan CEO Jamie Dimon said on Wednesday that Argentina might not require a bank loan, praising President Javier Milei’s efforts to reform the nation’s fragile economy.
“There is around $100 billion of foreign capital that may well come back to Argentina. You have major companies that want to invest there now,” Dimon told Reuters in an interview from Detroit.
Dimon, who met Milei last month in Buenos Aires, described him as a “force of nature,” highlighting his achievements in reducing inflation and stimulating economic growth. He suggested that if Milei continues implementing his policies throughout his term and potentially into a second one Argentina’s economy could be fundamentally transformed.
Milei’s recent midterm election victory further strengthened his mandate to carry out sweeping economic reforms, including strict austerity measures aimed at stabilizing the economy.
While the U.S. Treasury had been coordinating with financial institutions to form a $20 billion facility to invest in Argentina’s sovereign debt, Dimon indicated such a loan “may not be necessary.” JPMorgan, active in Argentina for over a century, has previously assisted in the country’s debt restructurings and remains open to further collaboration if needed.
Regarding the U.S. Federal Reserve, Dimon emphasized that it would remain independent despite President Donald Trump’s outspoken views on monetary policy. “The president has made clear he believes in Fed independence. He’s also made it clear he’s going to speak his mind freely,” Dimon stated. “I think it will remain independent.”
