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News Link • Economy - International

Argentina powerless as economy plummets

• AFP

Argentina appears powerless in the face of the hemorrhage of the peso, as the central bank reported Thursday it had burned through $2.1 billion in reserves in January alone.

The government is struggling to beat back a mounting rush into dollars that has stoked 26 percent inflation despite price controls on many items and pressure on businesses to avoid price increases.

Foreign reserves, crucial to service foreign debts and pay for needed imports like fuels, have tumbled  ....

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