A Debt to the Local Markets

A Debt to the Local Markets

Despite the deepening crisis in Argentina, the region's local debt markets have sustained themselves remarkably well. Argentina's government has nudged out just about everyone in the local debt markets as the Treasury continues to lean heavily on local banks for funding. But despite the deepening crisis in Argentina, local markets in Chile, Mexico and Brazil have emerged surprisingly well. In Brazil, the market most affected by fallout from Argentina, companies are borrowing heavily in the local debenture and commercial paper markets even though interest rates are rising. Meanwhile,

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