The dollar is rising and Argentina is having a debt crisis. The only surprising thing is that investors are so surprised. In retrospect, Argentina’s successful issue of a 100-year sovereign bond with a 7.9% yield last year was a sign of excessive investor complacency about emerging markets. It hasn’t taken long for the country’s traditional problems of high external indebtedness, currency mismanagement and government profligacy to re-emerge.

Source: Wall Street Journal May 09, 2018 10:41 UTC