The Economist observed, In Argentina, many loans were taken out in dollars: this had catastrophic consequences for

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The Economist observed, "In Argentina, many loans were taken out in dollars: this had catastrophic consequences for borrowers once the peg collapsed." What does the article mean when it says that Argentina's "peg collapsed"? Why was this collapse catastrophic for borrowers in Argentina who had taken out dollar loans?
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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