“For three months, anyone sitting on a pile of undeclared dollars will be able to contribute to Argentina’s already astronomical debt by depositing them at the central bank in exchange for a 4% annual return through 2017.  But why would anyone buy Argentine bonds right now with American dollars?  People aren’t sitting on dollars in Argentina because they make comfortable cushions; they’re hoarding them because it’s the safest investment in Argentina right now. Argentines are now willing to pay more than twice the open market exchange rate. The country’s crippling default in 2001 and the ensuing flash devaluation of the Argentine peso are fresh on everyone’s mind.”

http://qz.com/83637/argentinas-new-plan-to-collect-american-dollars-is-almost-as-worthless-as-its-currency/

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