The Way Out of Argentina’s New Crisis
Recently, Argentina suffered another textbook attack on its currency and was forced to seek help from the IMF. With markets calm for a fortnight, now is the time to assess what went wrong, and what the country can – and must – do to prevent instability from returning.
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SANTIAGO – The late MIT economist Rüdiger Dornbusch used to tell his students in the 1980s that there are four kinds of countries: rich, poor, Japan, and Argentina. No one frets anymore about Japan buying its way to world domination. But the world is worrying again about Argentina.