Word: argentina
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Person of the Week LETTING BYGONES BE, YOU KNOW ... The generals are in exile or jail; Maggie is on the lecture circuit. It's been two decades since Argentina's junta launched its ill-fated grab for the Falkland Islands. Last week Tony Blair made the first visit to Argentina by a British PM since the hostilities...
...trail also echoed a free-market orthodoxy against bailing out stricken emerging-market economies, but when Turkey threatened meltdown in the spring, they backed an IMF bailout. Again, this prioritizing of pragmatism over ideology may be encouraging to an international financial community nervously contemplating the state of Brazil and Argentina...
...ARGENTINA: THE FIRST DOMINO? Just four years ago, Argentina was sizzling like one of its famous steaks. Its economy was firmly linked to the dollar, and this kept a lid on inflation, a longtime scourge. But dollarization has limitations. Argentina's neighbors began depreciating their currencies to sell more goods in world markets. Worse yet, the dollar continued to soar, making Argentina even less competitive...
...Last week Argentina moved closer to defaulting on its $128 billion in debt, an amount equal to about half its GDP. "Argentina's domestic financial shield may be beginning to crack," observes international economist Shandra Modi of IDEAglobal, a consulting firm in New York...
...What It Means to the U.S. Beware contagion. Argentina will not be able to service its debt much longer. "A technical default is all but inevitable," says a banker. But the danger to the U.S. is not so much Argentina as the spillover. Brazil and Mexico are the critical economies south of the U.S. border, and Mexico's is in a recession. U.S. bank exposure to Argentina as of March was about $12 billion; now add Brazil's $24 billion and Mexico's $18 billion. During the past decade, thousands of U.S. firms have invested heavily in Latin America, buying...