Feb. 8th, 2004

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There were, to be sure, many people who thought that Latin America was a marvelous (which is to say much less risky) place to invest before Brazil defaulted in 1826, 1898, 1902, 1914, 1931, 1937 and 1983; or before Argentina defaulted in 1828, 1890, 1982, 1989 and (the latest occasion, though perhaps not the last) in 2001.

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