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The Risks of an Argentine Financial Crisis
by Felix Salmon
May 19, 2008
May 19, 2008
Finally! A good old-fashioned emerging-market currency crisis! Well, possibly, anyway. The WSJ headline says it all:
Argentines Rush to Buy Dollars Amid Fear of a Financial Crisis
This, if it happens, will turn out to be the most-forecasted crisis in the history of emerging markets. Argentina's heterodox economic policy angers orthodox economists, who say vehemently that it won't work, it can't work, and that it will all end in tears. But up until now it's been the economists, rather than Argentina, who have ended up with eggy faces.
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