It is not true that the collapse in Argentina has spared the
financial markets in the rest of Latin America and beyond. The
difference between this and previous international financial
crises is that Argentina is suffering a slow, agonizing decline
whereas previous crises ? in Mexico, Thailand and Russia ? came
suddenly and without warning. Investors in Argentina had plenty
of time to get away and international public opinion was
prepared for disintegration when it finally came last December.
Chile and Brazil suffered some initial turbulence but have
since distanced themselves from their neighbor's troubles.
Equity and bond markets around the world did not take much
However, the wider financial system has taken note of the
events in Argentina and to a...
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