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"The Argentine government seems to be borrowing from the Venezuelan playbook as of late, and investors would do well to continue the analogy in their analyses of possible investments in 2012, if not beyond.

Intervention in the currency market and a deepening loss of confidence in the peso has created multiple currency markets and expectations of further depreciation against the dollar.

To stem the depreciation and accompanying inflation, the country must sell its foreign reserves, which are low by regional standards. This is particularly important as Argentina, unlike Venezuela, is largely unable to raise funds through the bond market because of a default early in the decade and the lack of transparency in national data reporting."

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