This crisis is much smaller than previous ones, but it was largely unexpected, so that’s why we are feeling this one in such a very full-on way,” says Nerio Peitiado, chief operating officer of Banco Supervielle in Buenos Aires.
“This came from nowhere,” echoes Banco Galicia’s chairman, Sergio Grinenco. “It was a sudden and unexpected stop that we weren’t expecting. Argentina has been through worse crises, but this time the challenge isn’t so much the stress itself but rather the fact it came with almost no warning.”
The crisis has knocked Argentina’s banking industry back to its previous model of treading water.
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