Pakistan, Oct. 11 -- WASHINGTON - The United States finalized a $20 billion currency swap line with Argentina on Thursday and directly purchased Argentine pesos, in what Treasury Secretary Scott Bessent called an "exceptional measure" to stabilize turbulent markets in the debt-laden South American nation.

"US Treasury is prepared to take whatever exceptional measures are warranted to provide stability to markets," Bessent said in a post on social media, confirming that the agreement followed four days of meetings with Argentina's Economy Minister Luis Caputo in Washington, D.C. The move - a rare and controversial intervention - is intended to provide short-term relief to Argentina's cash-strapped economy.

Argentine President Javier Mile...