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From his third-floor offices in downtown Buenos Aires, Alejandro Elsztain has a splendid view of the Pink House, the ornate 19th-century palace housing the offices of President Nestor Kirchner. And for the most part, the general manager of one of Argentina's leading agricultural companies says he likes what he sees. The 75 percent devaluation of the Argentine peso last year proved to be a windfall for exporting companies like Cresud that incur costs in pesos and receive their revenue in dollars. The decision of Kirchner's predecessor, Eduardo Duhalde, to convert dollar-denominated debts into peso-valued obligations at a very favorable exchange rate was a further boon: ...