Peso

BUENOS AIRES, Argentina — Argentina’s libertarian leader is lavishing praise on President Trump ahead of his first White House visit on Tuesday. It’s a tactic that has helped transform President Javier Milei ’s cash-strapped country into one of the Trump administration’s closest allies.

The effusive declarations are nothing new for Milei — whose dramatic cuts to state spending and attacks on “woke leftists” have won him a following among U.S. conservatives.

“Your commitment to life, freedom and peace has restored hope to the world,” Milei wrote on social media Monday, congratulating the U.S. president on securing a ceasefire deal in Gaza, where a truce is holding after a devastating, two-year Israel-Hamas war.

“It is an honor to consider you not only an ally in the defense of those values, but also a dear friend and an example of leadership that inspires all those who believe in freedom,” he said.

The Trump-Milei bromance has already paid off for Argentina — most recently, to the tune of a $20 billion bailout.

Experts say Milei comes to the White House with two clear objectives. One is to negotiate U.S. tariff exemptions or reductions for Argentine products.

The other is to see how the United States will implement a $20 billion currency swap line to prop up Argentina’s peso and replenish its depleted foreign currency reserves ahead of crucial midterm elections later this month.

In a crisis, turning to Trump

The Trump administration made a highly unusual decision to intervene in Argentina’s currency market after Milei’s party suffered a landslide loss in a local election last month.

Along with setbacks in the opposition-dominated Congress, the party’s crushing defeat created a crisis of confidence as voters in Buenos Aires Province registered their frustration with rising unemployment, contracting economic activity and brewing corruption scandals.

Alarmed that this could herald the end of popular support for Milei’s free-market program, investors dumped Argentine bonds and sold off the peso.

Argentina’s Treasury began hemorrhaging precious dollar reserves at a feverish pace, trying shore up the currency and keep its exchange rate within the trading band set as part of the country’s recent $20 billion deal with the International Monetary Fund.

But as the peso continued to slide, Milei grew desperate.

He met with Trump on Sept. 23 while in New York City for the United Nations General Assembly. A flurry of back-slapping, hand-shaking and mutual flattery between the two quickly gave way to U.S. Treasury Secretary Scott Bessent publicly promising Argentina a lifeline of $20 billion.

Markets cheered, and investors breathed a sigh of relief.

Timing is everything

In the days that followed, Argentine Economy Minister Luis Caputo spent hours in meetings in Washington trying to seal the deal.

Reassurance came last Thursday, when Bessent announced that the U.S. would allow Argentina to exchange up to $20 billion worth of pesos for an equal sum in dollars. Saying that the success of Milei’s program was “of systemic importance,” Bessent added that the U.S. Treasury directly purchased an unspecified amount of pesos.

For the Trump administration, the timing was awkward as it struggles to manage the optics of bailing out a nine-time serial defaulter in the middle of a U.S. government shutdown that has led to mass layoffs.

But for Argentina, it came in the nick of time.

Aware of how a weak currency could threaten his flagship achievement of taming inflation and hurt his popularity, Milei hopes to stave off what many economists see as an inescapable currency devaluation until after the the Oct. 26 midterm elections.

A devaluation of the peso would likely fuel a resurgence in inflation.

“Milei is going to the U.S. in a moment of desperation now,” said Marcelo J. García, political analyst and Director for the Americas at the Horizon Engage political risk consultancy firm.

“He needs to recreate market expectations and show that his program can be sustainable,” García added. “The government is trying to win some time to make it to the midterms without major course corrections, like devaluing or floating the peso.”

No strings attached

Milei was vague when pressed for details on his talks with Trump, expected later on Tuesday. Officials say he would have a two-hour meeting with the U.S. president, followed by a working lunch with other top officials.

He was also expected to participate in a ceremony at the White House honoring Charlie Kirk, the prominent right-wing political activist who was fatally shot last month. Milei often crossed paths with Kirk on the speaking circuit of the ascendant global right.

“We don’t have a single-issue agenda, but rather a multi-issue agenda,” Milei told El Observador radio in Buenos Aires Monday. “Things that are already finalized will be announced, and things that still need to be finalized will remain pending.”

It’s not clear what strings, if any, the Trump administration has attached to the currency swap deal, which Democratic lawmakers and other critics have slammed as an example of Trump rewarding loyalists at the expense of American taxpayers.

There has been no word on how Argentina, the IMF’s largest debtor, will end up paying the U.S. back for this $20 billion, which comes on top of IMF’s own loan for the same amount in April. And that one came on top of an earlier IMF loan for $40 billion.

Despite all the help, Milei’s government already missed the IMF’s early targets for rebuilding currency reserves.

“The U.S. should be concerned that Argentina has had to return for $20 billion so quickly after getting $14 billion upfront from the IMF,” said Brad Setser, a former Treasury official now at the Council on Foreign Relations.

“I worry that this may prove to just be a short-term bridge and won’t leave Argentina better equipped” to tackle its problems, he added.

But in the radio interview before his flight, Milei was upbeat. He gushed about U.S. support saving Argentina from “the local franchise of 21st-century socialism” and waxed poetic about Argentina’s economic potential.

“There will be an avalanche of dollars,” Milei said. “We’ll have dollars pouring out of our ears.”

Debre writes for the Associated Press.

LAS VEGAS, Nevada — Terence “Bud” Crawford jumped two weight classes to set a career high on the scales at Friday’s weigh-in ahead of his super middleweight bout against Mexican superstar Saúl “Canelo” Álvarez. Both fighters weighed in at 167.5 pounds and met all the requirements for a fight that pits two of today’s best pound-for-pound boxers against each other.

Bud and Canelo face off Saturday at Allegiant Stadium in Las Vegas (6 p.m., Netflix) in a clash that will define their legacies, test Crawford’s undefeated status and determine supremacy in the sport.

For Álvarez, who will celebrate 20 years in the sport in October and compete in his 21st fight in Las Vegas when he faces Crawford, the weigh-in was business as usual for a Mexican star accustomed to competing in the super middleweight class and higher.

Crawford arrived in the same physical condition as the undisputed champion, reflecting the seriousness of his preparation in pursuit of the four belts held by the Jalisco native, as well as a bonus from the World Boxing Council (WBC), which will award a special ring to the winner of the fight.

Terence “Bud” Crawford extends his arms and during a news conference at T-Mobile Arena on Thursday in Las Vegas.

(David Becker / Getty Images for Netflix)

“I think people completely underestimate me, but that doesn’t matter,” Crawford said. “We have to fight here on Saturday, and all the answers will be resolved that night.”

The fighters participated in news conferences during the week that served as a barometer for the atmosphere in Las Vegas, where Álvarez is expected to draw a rowdy crowd during Mexican Independence Day weekend.

“I feel great. For me, this fight means a lot. I’m looking forward to Saturday night,” Álvarez said. “This fight is very important to me. It’s one of the most important fights of my career. … This victory will be one of the most important.”

Álvarez acknowledged Crawford’s physique, with his challenger surprising observers with more defined muscles after gaining weight.

“For me, muscles mean nothing,” Álvarez said. “I’ve fought bigger fighters before and they mean nothing… When I saw that he had a good training camp, I was happy because it was going to be a good fight.”

For his part, Crawford was confident and defiant.

“I feel great. I’m ready to get started. To surprise the world,” said the American, who reacted to social media comments about his physical transformation. “A lot of people are going overboard with that. ‘Oh, he’s slow, he’s got too much muscle.’ I just want to fight.”

At this crossroads, two fighters with different backgrounds meet. Both have been undisputed champions in different divisions and both have enough experience to handle the pressure of a big night. But there are differences that could tip the scales.

Canelo Álvarez and Terence Crawford face off onstage during news conference at T-Mobile Arena on Thursday in Las Vegas.

(David Becker / Getty Images for Netflix)

Álvarez is a fighter accustomed to the higher divisions. He has fought in light heavyweight and has faced physically superior opponents.

His style is orthodox, with a great ability to cut off the ring, wear down his opponents and land powerful punches that can define fights. He has the ability to adapt, read his opponents and subdue them with a combination of technique, power and tactical discipline.

Crawford comes from the opposite camp. His career has been built in lighter weight classes, dominating as a welterweight and lightweight, with a style based on mobility, variety of angles and intelligence in the ring. He is a natural southpaw, although he often switches stances, and has never tasted defeat as a professional.

With 41 victories, 31 of them by knockout, Crawford brings with him an impeccable record, but he will have to prove whether that power remains intact against a heavier and more resilient opponent such as Álvarez.

Crawford has had to deal with criticism about his previous opponents, as he has been accused of facing lower-quality fighters. “Anyone can be a nobody. And from what they say, I haven’t fought anyone,” he said.

The question is how Crawford will adapt to this new weight class. The increase in muscle could take away his speed, one of his most lethal weapons, or sap his endurance during long rounds.

For Álvarez, the advantage lies in familiarity, as he knows how to manage his body during a fight at 168 pounds, knows how to manage energy and knows how to punish an opponent who is entering unknown territory.

Many point to age as a factor that could affect both fighters during the bout.

At 35, Álvarez is still in a competitive range where he retains power, endurance and reflexes, although perhaps with less spark than in his 20s. His style does not depend so much on explosive speed, but rather on experience and the progressive wear and tear of his opponent. That works in his favor.

Although Álvarez has promised a knockout, in his recent fights, he has been unable to deliver knockouts and is unlikely to do so against Crawford.

“I’m going to give it my all in this fight and you’re going to see all my qualities,” Álvarez said. “It’s very difficult to say [which round I’ll knock him out], but I’m preparing for anything and I have one of the best fighters facing one of the best as well.”

At 37, Crawford is nearing the end of his physical prime. Boxers who base much of their style on speed, mobility and reflexes tend to feel the passage of time sooner. Crawford still looks fast, but his reflexes are probably not exactly what they were four or five years ago.

The fight, then, is shaping up to be a duel of styles and contexts. If Crawford manages to impose distance and take advantage of his mobility, he can turn the night into an exercise in frustration for Álvarez. If the Mexican manages to close the ring, press with body shots and wear Crawford down from the early rounds, the fight could swing in his corner.

Beyond the technical analysis, motivation plays a key role. Álvarez, with more than 60 professional fights, seeks to reaffirm his place in history as one of the great champions of Mexico and the world.

Crawford, meanwhile, wants to be the first male boxer in the four-belt era to become the undisputed champion in three different divisions.

Both know they are in the final stretch of their careers, which makes this fight an almost unrepeatable event. A defeat for either of them does not mean the end, but it would leave a mark on their records that would be difficult to erase.

When asked about fighting at Allegiant Stadium, home to the NFL’s Raiders, Crawford took a moment to emphasize the value of an event of this magnitude.

“Fights like this help boxing grow … the best fight,” he said. “… It’s only going to improve the sport.”

Undercard adds intrigue

Undefeated junior middleweight boxers Callum Walsh, left, and Fernando Vargas Jr., right, face off during a news conference at T-Mobile Arena on Thursday in Las Vegas while UFC’s Dana White looks on.

(Steve Marcus / Getty Images)

Saturday night’s fireworks aren’t limited to the main event. The rest of the card also is generating interest.

Undefeated super middleweight Christian Mbilli will face Guatemala’s Lester Martinez in a clash that promises to be intense.

Mbilli, who is hungry to establish himself in the division, said he feels he is in the best shape of his career and intends to go for a knockout. Martínez, for his part, has repeatedly said that he is not here to be a stepping stone for anyone and will take advantage of the platform to make a statement.

Another attraction is the clash between Callum Walsh and Fernando Vargas Jr., son of former world champion Fernando Vargas. Walsh, considered one of the promising young talents of Irish boxing, has said he will bring his technical and disciplined boxing style to the ring.

“Nothing compares to this weekend,” Walsh said. “It’s going to be a good fight. … None of us want to lose. It’s rare to see a fight like this in boxing: two young, undefeated boxers. Boxing needs more of this.”

Vargas said he is not intimidated and promised to prove that he belongs at this level of competition.

“He comes in as the favorite. … It’s something that excites me, something I’ve never felt before,” Vargas said. “Having my back against the wall. … You don’t see fighters putting their records on the line, 17-0 and 14-0, on a stage as big as this. These are the fights that make great fighters.”

Weigh-in results

MAIN CARD

Super middleweight: Canelo Álvarez (167.5 lbs) vs. Terence Crawford (167.5 lbs)

Super welterweight: Callum Walsh (153.5 lbs) vs. Fernando Vargas Jr. (153 lbs)

Super middleweight: Christian Mbilli (167 lbs) vs. Lester Martínez (167 lbs)

Lightweight: Mohammed Alakel (132 lbs) vs. Travis Crawford (132.5 lbs)

PRELIMS

Middleweight: Serhii Bohachuk (155 lbs) vs. Brandon Adams (156 lbs)

Heavyweight: Ivan Dychko (239.5 lbs) vs. Jermaine Franklin Jr. (256 lbs)

Super featherweight: Reito Tsutsumi (129.5 lbs) vs. Javier Martínez (129.5 lbs)

Super lightweight: Sultan Almohammed (132.5 lbs) vs. Martín Caraballo (133 lbs)

Light heavyweight: Steven Nelson (171.5 lbs) vs Raiko Santana (171.5 lbs)

Super middleweight: Marco Verde (158 lbs) vs. Sona Akale (159.5 lbs)

This article first appeared in Spanish via L.A. Times en Español.

One of Jake Paul’s nicknames is the “Problem Child,” but that nickname could just as easily fit Julio César Chávez Jr.

After becoming World Boxing Council (WBC) middleweight champion of the world in 2011, Chávez defended his crown three times and came to be considered on the same level as his contemporary Saúl “Canelo” Álvarez. But a disappointing loss to Sergio Martínez in 2012, lack of discipline needed to train properly and make weight, as well as a crushing defeat to Álvarez in 2017, sent his career into a free fall.

From 2019-21, he picked up three losses in four fights, including falling to former champion Daniel Jacobs and mixed martial arts veteran Anderson Silva.

Now at 39, Chávez will face Youtuber turned boxer Jake Paul in a cruiserweight contest scheduled for June 28 at the Honda Center in Anaheim. Chávez (54-6-1, 34 KOs) has fought 61 professional bouts since his debut in 2003 and could be the toughest test of Paul’s (11-1, 7 KOs) career to date, although it all depends on the level of the Mexican’s fitness for the matchup.

Boxers Jake Paul, left, and Julio César Chávez Jr. point at each other during a news conference while promoter Oscar De La Hoya watches at the Avalon Hollywood Theatre in Los Angeles on Wednesday. Paul and Chávez will fight in June in Anaheim.

(Damian Dovarganes / Associated Press)

During a press event held at The Avalon in Hollywood on Wednesday, Paul strongly criticized Chávez while mentioning the addiction problems Chávez has faced as well as his “lack of mentality.”

“I’m going to embarrass him and run him down like he always does,” Paul said. “I’m going to expose him. He will be the embarrassment of Mexico. There are two things you can’t beat — me and your drug addiction.”

Outside the ring, Chávez’s personal life has not been free of problems. The Culiacan native was arrested in January of last year in Los Angeles and charged with illegal possession of weapons, specifically an assault rifle, which was found in his home. He eventually pleaded not guilty and committed to entering a rehabilitation program.

On Wednesday, the legendary Julio César Chávez Sr. stood by his son’s side to support him in the face of Paul’s verbal attacks. For Chávez Sr., if his son continues to train the way he has seen him lately, the American doesn’t stand a chance. Chávez Jr. will be looking to be the second opponent to beat Paul after Tommy Fury scored a win in 2023.

“He’s an overrated fighter. He hasn’t fought anybody. He only fights old guys,” said Chávez Jr., who added he will arrive in Anaheim as the best version of himself and that the first five rounds will be difficult, but that he will tip the scales in his favor from the seventh round on.

Chávez Sr., as on many occasions, has mentioned that his son is training like never before.

“There is no way Jake Paul can beat my son, the way he is training,” Chávez Sr. said.

Paul responded he could beat Chávez Jr. and his legendary father, criticizing Chávez Jr.’s lack of discipline.

Boxer Jake Paul insulted Julio César Chávez Jr. during a news conference at the Avalon Hollywood Theatre in Los Angeles on Wednesday.

(Damian Dovarganes / Associated Press)

“It’s not a champion’s mentality to only train hard when you have a big fight. I train hard every time I have a fight, no matter who I’m facing. That teaches you the type of person he is,” Paul said.

After the news conference, Chávez Jr. noted that he expected Paul to pick on his dad, but understood it was a mental tactic by his opponent.

“In boxing you learn step by step, and he is missing several,” Chávez Jr. said.

Paul, a 28-year-old from Cleveland, will return to the ring since he last fought in November, when he outpointed heavyweight legend Mike Tyson in an eight-round bout in Arlington, Texas. The event disappointed many due to a lack of competitiveness from 58-year-old “Iron Mike.”

During this fight, Paul will likely have much of the crowd against him by choosing to fight a Mexican star in Southern California, although he believes there are many who will support him.

“Mexicans love me. People love me more than they love him. Mexico doesn’t even love him. I’m going to show him who the real Mexican warrior is,” Paul said.

Boxers Julio César Chávez Jr., left, and his father, Julio César Chávez Sr., sit beside each other during a news conference Wednesday.

(Damian Dovarganes / Associated Press)

The showdown between Paul and Chávez Jr. comes after a proposed showdown between the Youtuber and Álvarez fell apart earlier this year.

Paul could be close to a fight against Álvarez, although before that he could consider a matchup against Mexico’s Gilberto “Zurdo” Ramírez, who will be defending his cruiserweight crown against Cuban Yuniel Dorticos (27-2, 25 KOs) on the Anaheim card.

“He has done a good job. Maybe someday we can fight for titles. Now I’m the champion,” Ramírez, 33, said about facing Paul.

Ramírez (47-1, 30 KOs) said he would prefer to unify the Boxing Assn. title against Jai Opetaia, the International Boxing Federation champion. But before that, he will have to dispatch Dorticos, who is known for his powerful punch.

“Los Angeles is going to shake. The knockout doctor is back,” said Dorticos, 39.

The card is promoted by Most Valuable Promotions in conjunction with Golden Boy Promotions, and will air on pay-per-view via DAZN.

This article first appeared in Spanish via L.A. Times en Español.