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And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina by Paul Blustein

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[ CHAPTER 2 ]
“This May Not Be Paradise”
THE ANNOUNCEMENT on January 29, 1991, that Domingo Cavallo would become Argentina’s Economy Minister ignited a 30 percent, one-day rally in the Buenos Aires stock market. Partly, this was because Cavallo, a former central bank president and foreign minister, was known to be a well-trained economist with orthodox free-market views. The son of a broom factory owner from the industrial city of Córdoba, he had won a scholarship to Harvard after graduating from college, and he earned a Ph.D. in 1977 under the tutelage of luminaries such as Martin Feldstein, who would later become chairman of the Council of Economic Advisers in the administration of President Ronald Reagan. Partly, too, the markets’ enthusiasm ...

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