Eduardo Elsztain pores over a graph resembling a cardiogram during a heart attack. It shows how gross domestic product in his native Argentina has gyrated during successive crises over the past decades.
“The worst moments are here and here,” Mr Elsztain, one of Latin America’s leading real estate developers, says. Then he points to the depths plumbed in 2002 and 2008. “Now look what happens in the 12 months after the fall.”
His numbers show the country’s Merval stock index rallied 700 per cent in the years after the 2002 devaluation and 294 per cent after the 2008 financial crisis.
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