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By contrast, Argentina, whose peso is fixed at par with the dollar, is languishing in a long recession.
Brazil might be content to let its currency slip further, but this would only make life even harder for Argentina, whose peso is pegged firmly to the dollar.
Eighty percent of the country's loans are in dollars, meaning that people and businesses whose peso earnings will decrease in value will find it harder to meet their dollar interest obligations.
and Argentina (whose peso has been fixed against the dollar since 1991).
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The plan may also erode trust in the Argentine peso, whose one-to-one peg to the dollar has helped maintain confidence among investors in the country for the past decade, economists said.
Economists say a devaluation of the peso, whose value is pegged to the dollar, would increase the likelihood that private businesses would default on their own $20 billion foreign debt since most companies owe debts denominated in dollars.
Asked if he was worried for his safety, Peso, whose real name is Dontray Ennis, replied: "You don't think this is a dangerous place to be living at right now?
Government officials continue to pledge not to devalue the peso, whose value has been pegged to the dollar since 1991, a position that is supported by a wide majority in opinion polls.
The peso, whose black-market exchange rate against the dollar was 40percentt lower than the official rate at the time of this writing, is poised for a deep devaluation.
But export prices for Argentina's agricultural products have remained stubbornly low, while the country's peso -- whose value is pegged to the dollar -- has grown increasingly uncompetitive against weakening regional currencies and the euro.
In addition, some of the country's manufactured exports are made of imported components, whose prices rise as the peso weakens.
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CEO of Professional Science Editing for Scientists @ prosciediting.com