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Debt, growth, and G20
U.S. Treasury Secretary Scott Bessent opened the G20 Finance Ministers and central bank governors meeting in Asheville, North Carolina, arguing that "The world is flooded with debt and the only way out of this is to grow."
“The world is flooded with debt and the only way out of this is to grow”
Bessent told reporters that "Our objective here today is to reiterate our growth message," linking the push to debt accumulated after the global financial crisis and the pandemic.
The meeting is scheduled to run Monday and Tuesday in Asheville, with Bessent hosting finance ministers and central bank governors from the world’s largest economies.
In the same context, the gathering is framed around reviving global growth, reducing economic imbalances, addressing sovereign debt and strengthening supply chains.
The U.S. agenda is also set against higher energy and commodity prices tied to the Iran conflict and disruption of commercial traffic through the Strait of Hormuz, with those costs described as potentially feeding inflation and pressuring the rupee for India.
Who attends and what’s at stake
The G20 meeting in Asheville is described as bringing together Scott Bessent, Federal Reserve Chair Kevin Warsh, and Argentina’s Economy Minister Luis Caputo, along with the head of the BCRA, Santiago Bausili.
Bessent’s opening remarks also included Warsh’s assertion that "it is an increase in global investment," as the Federal Reserve chair questioned the idea of prolonged economic stagnation.
India’s Finance Minister Nirmala Sitharaman arrived in South Carolina and is scheduled to participate in the G20 and associated meetings in Asheville, with India’s Ministry of Finance saying she will do so over the next two days.
A separate account says Caputo will be a main speaker on Monday at 11:45 on a panel about growth and deregulation, and that the delegation includes Deputy Economy Minister José Luis Daza, Central Bank president Santiago Bausili, and vice president Vladimir Werning.
The agenda is also tied to geopolitical and trade tensions, with the U.S. expected to press for tougher economic measures against Iran and to examine industrial policies that encourage excess production and subsidised goods.
Argentina’s program and Iran pressure
Argentina’s Luis Caputo is traveling to the United States to defend the economic program of Javier Milei at the G20 Finance Ministers and Central Bank Governors meeting in Asheville.
“seek to hold a bilateral meeting with the U.S. Treasury Secretary, Scott Bessent”
One report says Caputo will present the main guidelines of Javier Milei’s economic program and seek a bilateral meeting with U.S. Treasury Secretary Scott Bessent, with the last in-person meeting occurring in October 2025 at the U.S. Treasury Department headquarters in Washington, D.C.
In the same setting, Bessent is described as seeking international support for U.S. economic measures while the U.S. has changed the international order through tariffs imposed on allies and an escalation of conflicts with Iran.
The pressure on Iran is tied to sanctions and stated threats, with the Treasury secretary telling the press that the Treasury intends to sanction another bank and that the government is prepared to exercise "financial violence" if necessary.
As the meetings proceed, the U.S. message is repeatedly framed as growth being essential to get out of a "mountain of debt," while the G20 agenda also includes sovereign debt, global imbalances, and supply-chain resilience.