An uneasy recovery

Argentina is coming out of crisis, but few investors have noticed. Those that have can do little to profit from their knowledge. But there's a long way to go and the aspirations of the 1990s are unlikely to be fulfilled.

SOMETIMES IT’S GOOD to be ignored. Last year, when delegates from around the world flew to the annual meeting of the Inter-American Development Bank in Fortaleza, Brazil, the situation in Argentina was very much on their minds. The country had gone through a chaotic default and devaluation, and the resultant social, political and economic upheaval was enormous. Moreover, while many of the delegates had seen the crisis coming, none of them had foreseen just how bad the situation would get: wholesale violation of contracts and property rights, and crime, poverty and unemployment soaring to unprecedented levels.

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