It may be 148 years since their troops last fought each other in combat and nine years since they buried their economic differences to form Mercosur, but rivalry between Argentina and Brazil still runs deep. These days South America’s two superpowers fight proxy wars over credit ratings, GDP growth rates – and of course football.
Brazil’s latest victory over its southern rival came in the international debt markets, in the form of basis points. Last month it was able to issue a euro-denominated bond at a cheaper rate than Argentina’s debt was trading.
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