The economic crisis that struck Argentina last year has deepened into one of the worst and most intractable such calamities in living memory. Economists have not been slow to offer accounts of what went wrong, but there is as yet no settled version. That makes it difficult to recommend solutions. Meanwhile, things keep getting worse. The economy is shrinking, inflation is surging, and the country's banking system is in ruins. Some economists believe―and this is all too plausible―mat hyperinflation may have to finish its demolition work before rebuilding can begin. What a prospect. Is there no other way?
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