> On Argentina story [Financial Times] :
>
> In spite of severe external shocks - an outbreak of foot-and-mouth disease
and a devaluation of the
> British pound - the 1967 programme was highly successful. The exchange
rate parallel market premium
> disappeared overnight and by 1968 inflation had retrenched significantly.
International reserves
> were replenished and after one year there was no need to renew a $125m
loan from the International
> Monetary Fund. More important, in 1968 gross domestic product growth was
almost 5 per cent and by
> 1969 it had climbed to an impressive 8.5 per cent.
Or how to call for history to demonstrate its opposite.
Far from being a "severe external shock" to Argentina, the devaluation of
the British pound, in 1967, as well as crisis of the dollar, not yet freed
from its gold parity, were then much favourable to the debt of the rest of
the world. Today's situation is somewhat different.
