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Article: A public answer to a private problem.
- Article from:
- The Banker
- Article date:
- June 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jason Mitchell
State-owned and co-operative banks are set to play a much more important role in Argentina's economy, as a recession takes hold and the country's capital markets shrivel up.
The index of leading indicators of Buenos Aires' Torcuato di Tella University - constructed along the same lines as the US Conference Board Index - showed a massive 21.5% year-on-year fall in February and has recorded 13 consecutive months of year-on-year declines. The drop in all its main components indicates that a recession in Argentina is almost a foregone conclusion this year.
One of the biggest problems for the economy is that the privately ...