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A Comeback?(Argentina)

Newsweek International

| October 20, 2003 | Contreras, Joseph; Hudson, Peter | COPYRIGHT 2003 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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: ...

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