If it weren’t for Argentina, Brazil probably wouldn’t be going through any serious problems at all right now. Argentina’s biggest problem by far is the fact that it has a massively overvalued currency. The peso is pegged one-to-one to the dollar; if it were allowed to float freely, it could plunge to between three and four to the dollar.
When Argentina implemented the currency peg, it succeeded very well at wiping out hyperinflation. Brazil had a similar system, the Real Plan, which involved a crawling peg, and which also managed to end hyperinflation at a stroke.
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