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It is not more expensive. It is still 12.5% of his wages.

It is more expensive if your currency is inflating against the dollar, in this case.
Any country borrowing large sums in a hard currency while their own currency is consistency falling is showing fiscal irresponsibility.
In the case of Argentina they were borrowing greater and greater sums simply to pay the interest accruing.
There must be the inevitable day of reckoning.
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