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Argentina: Capital controls would do long-term damage

The capital controls introduced by Argentine President Mauricio Macri over the weekend may, in the short term, help to stem capital flight and slow the pace of FX reserve depletion. But their imposition might make it easier for a future left-wing government (which is likely after October’s election) to justify using them over the long term. That would result in persistent strains in the balance of payments.

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