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Source: The Financial Times
By: Elaine Moore
In the next few weeks, Argentina is planning the largest and most anticipated sale of emerging market debt so far this year, and pictures of the US presidentin Buenos Aires will help to sell the story of a country resetting its relationship with the international capital markets after 15 years in the cold.
Who would buy bonds issued by a serial defaulter with a sizeable budget deficit and nagging inflation worries? Everyone, apparently.
After a shaky start to the year, markets are in resolute “risk-on” mode, which makes warnings of global investors losing interest in developing economies as the result of a strengthening US dollar, falling oil prices and China’s slowdown look premature.
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