The US dollar has had a spectacular run, rising more than 10 per cent against other major currencies since the start of the year.
Actually, not a few governments and central banks would prefer the adjective “disastrous” to “spectacular”. For developing countries, from Sri Lanka to Argentina, the greenback’s rise has made servicing dollar-denominated debts, already a difficult task, essentially impossible.
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Financial Times
Barry Eichengreen is Professor of Economics at the University of California, Berkeley.
