May

6

I would not be surprised if the Puerto Rico default has a much larger impact on the markets globally than current expectations. I would also draw a number of similarities between PR and European peripherals, the primary being the inability to generate growth through weakening the currency. PR is in the straightjacket of the US$ and European peripherals wear the straitjacket of the Euro. Argentina does have some parallels, but they also had a currency peg which they allowed to float.


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