Under President Nestor Kirchner, Ar-gentina has taken up the slogan "a serious country". But more than three years after its devastating financial crisis, it has made few efforts to make amends with foreign firms-not least those in its utilities and energy sectors. After investing over $50 billion in new infrastructure and acquisitions in the 1990s, they were hit hard during the crash: the government converted their dollar-denominated revenues into pesos and has kept them frozen ever since, despite wholesale inflation of nearly 80%. Many companies abandoned the country, perhaps for good.
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