JPMorgan Courts Argentina by Readily Refilling Stash of Dollars

With just days to go before Argentina had to pay billions in debt to bondholders, President Javier Milei turned to a familiar face for help.

Bankers at JPMorgan Chase & Co. ultimately chipped in about $340 million as part of a multi-bank repurchase agreement this month that handed Argentina much-needed cash. The deal has brought the bank’s total exposure to Argentina to about $2 billion, its highest level in a decade, according to people familiar with the matter.

It’s the third time in less than a year that JPMorgan has stepped forward to bolster the Latin American country’s dwindling stash ...