Currency crises

Paul Krugman reports on the mother of all currency crises, and Guillermo and Ernesto have all the rights to say I told you so (even though the landing in the North is not so soft)!
BTW, the paper starts like this: A plane in flight is an eminently “unsustainable” object: sooner or later it has to land. Years ago, crashes were alarmingly frequent, so it was hard to fault Aunt Agatha for believing that any flying plane was an accident waiting to happen. Today, of course, her concerns are brushed off by her younger relatives with a condescending smile. Technological advances ensure that the majority of landings are smooth.
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