To diversify from the euro debt-crisis, the biggest Spanish banks pushed deeply into Emerging Markets. Now, six years later, they’re in a new crisis.
Why is anyone still lending this government any money?
A virtual paradise for real bank heists.
Even the most pessimistic output scenarios could turn out to be too hopeful.
The peso drops again, inflation surges, nothing is fixed.
Rumors and denials proliferate, as millions of pesos disappear.
It’s not just countries that are at risk of contagion.
When the “hot money” gets antsy, a currency crisis morphs into a debt crisis.
A question of lives and money.
Three interest rate hikes in one week, to 40%, imply the first two didn’t work, and the Central Bank is not in control.