Playing for High Stakes

Playing for High Stakes


Argentina's crisis spawned some catchy but inaccurate metaphors. The slowest-moving train wreck is one of the most memorable. Many international investors saw trouble coming in plenty of time and got out of the way. It was believed at the time that Argentina's collapse marked the end of financial market contagion in the developing world. As everyone now knows, that was not the case at all. Brazil's public debt burden is reaching unsustainable levels, South American companies are finding credit harder to obtain than ever, and staying current on debt payments is an everyday struggle for many corporations. Nobody expected a crisis of such severity or complexity in Argentina. Uruguay's ban

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