Argentina Is Investors’ Groundhog Day

They say humans are the only animals to trip twice over the same stone. This is the ninth time international investors have tripped over Argentina.

Argentina’s government is renegotiating the terms of its $57 billion bailout package with the International Monetary Fund. A 30% slide in the Argentine peso against the U.S. dollar this year forced President Mauricio Macri to impose capital controls this week, as part of a bid to avoid the ninth default in the country’s 194-year history as a sovereign nation.

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