30.01.2014 - How Argentina's currency crisis will hurt Brazil
On January 22, the Argentina peso, already one of the weakest currencies on the planet, went from 6 to one to the dollar to over 7 to one the next day. Itís now 8.01 to the dollar as foreign reserves dwindle, and another commodity-led economy struggles in Latin America. The countryís rainy day fund, the ubiquitous foreign cash reserves held by nearly every foreign nation, has declined by 20% in the last month and now stand at around $34 billion. Compare that to their rival Brazilís foreign currency reserves, which are well over $300 billion. ..............................................Full Article: Source
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