February 2002
The Argentine warning shot
Will Argentina spread ideological contagion across the whole of Latin America, prompting a revolt against free markets? Or does it show the failure of the political elite?
It was run by friends of the bankers and politicians who
really matter. The men in charge were always careful to ensure that
they frequented the technocrats' inner circle in such places as
Davos and Jackson Hole. That helped to give them something of a
free ride during the boom years: the bank analysts and the US
government didn't ask the tough questions, had no incentive to be
sceptical about an institution that was being so good to them. But
when the crash came, all the years of chumminess, all the expensive
meals, turned out to have been for naught. The risks of systemic
collapse were small and so the US made no effort to delay or avert
the implosion.
In the aftermath, even as the world awaits a lot more clarity as
to what exactly happened and how, nearly everybody agrees that the
US was right not to...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe