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The latest package of measures does not represent a change of course, but more an attempt to reiterate policies of heavy state intervention which have failed to bring down inflation or boost the economy. It also entails risks: constant rises in interest rates are making the servicing of a huge pile of domestic debt increasingly expensive.
“This is just kicking the can a few inches down the road,” said Hector Torres, a former IMF executive director and Argentine diplomat who is now at the Canadian think-tank CIGI.
“I have nothing against central banks using reserves to smooth volatility and fight …
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