Tuesday, Mar 13, 2007
Flashback: How Argentina's Currency Crisis Unfolded Five Years Ago
RCWhalen.com: Argentina's Failure Could Be Contagious
Financial markets barely noticed Argentina's long-expected Christmas Eve default on $150 billion in foreign debt. It marked the fifth time Argentina has reneged on foreign obligations since July 1827, when the City of Buenos Aires defaulted on a million-pound loan from Barring Brothers, which ultimately failed in 1890 after a subsequent Argentine default. Yet despite this history and a tough recession, sell-side analysts were actually recommending Argentine stocks and bonds until recently. But smart money knew more than a year ago that Argentina, which adopted a fixed-dollar-peg regime in 1991, would eventually falter. We reported as much last spring ("Look Out Below," Barron's, May 21, 2001).
Posted by lvmreader @ 03:46 AM (165 views) Add Comment
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