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Argentina faces new devaluation as dollar demand grows

A banner reading 'Argentina or vulture funds' hangs outside the National Congress in Buenos Aires, on September 10, 2014Recession-hit Argentines are flocking to buy dollars, nervous over the government’s latest debt default and pressure from the business community to devalue the peso for the second time this year. President Cristina Kirchner has tried to convince Argentines to stop hoarding greenbacks and spend their pesos instead. Rioting and the government crackdown that followed left 33 people dead. Despite persuading the vast majority of its creditors to accept 70-percent losses on the face value of their bonds, Argentina lost a court battle against two US hedge funds demanding full payment.

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