In December 2001, Argentina defaulted on the largest amount of sovereign debt in history. In the immediate aftermath of that default, the Argentine economy collapsed and unemployment rose to high levels. Since December 2001, Argentina has made little progress in restructuring its private sector debt, although the Argentine economy does...

On January 1, 2003, Luis Inacio "Lula" da Silva of Brazil's Workers Party assumed the presidency. Contrary to widespread expectations, President Lula has not gone down the populist path as financial experts had feared before his election. Instead, he has embarked on economic policies supported by the IMF and...

The depreciation of the U.S. dollar has been gathering momentum; global financial markets must adjust to this trend. Our European allies worry about the impact on their own economic growth and the prospects for Asian economies are little better.