Good article. However, as regards Argentina situation, I strongly believe (as most local analysts do) that the reasons behind the recent strong moves in financial indicators are almost entirely local. Argentine economy has been almost closed from international markets since many years ago due to strong capital controls, and the recent spike in yields are related much more to a 20% Argentina peso devaluation triggered by local conditions (low levels of foreign reserves, heavy budget deficit financed by the central bank and heave expenditures is USD denominated energy imports) rather than from international reasons (i.e. tampering ).