Argentina's shuddering financial crunch has stirred memories of ripple effe...
LONDON - Argentina’s shuddering financial crunch has stirred memories of ripple effects across all emerging markets from prior meltdowns in 2001 and 2014. But the country’s woes appeared more ringfenced this time around.
Argentina was an emerging market powerhouse in the run-up to its $93 billion default in 2001. But that’s changed since. While capital controls rarely sit well with index providers, Argentina may still have some breathing space. World Bank data shows that Argentina’s gross domestic product in current U.S. dollar terms made up less than 9% of the Latin America and Caribbean region at the end of 2018 compared to 12% in 2001.
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