How Not to Help Argentina

How Not to Help Argentina


Domingo Cavallo, Argentina's embattled economy minister, has a phrase for the market turbulence that engulfed the country in April: "financial hysteria." He first used the phrase last November, months before entering the government, when the country was driven from the markets and into the arms of the International Monetary Fund. The international financial community, with the Fund in the lead, wrote a check for $39.70 billion to avert default on the country's $128 billion foreign debt. It is depressing to think that four months later, the country is again in the grip of financial hysteria and on the brink of a payments crisis. Markets in April drove the value of Argentina's benc

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