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Yet now interest rates have gone even higher (this week the central bank raised the overnight rate from just under 30% to 32%), in order to stop the floating currency from sinking out of sight.
ECONOMIST: Still a big risk | The
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One problem is that the block's two largest members have such different currency regimes: Brazil's floating (or sinking) real has lost over 40% of its value since its forced devaluation in 1999, whereas Argentina's peso is pegged to the dollar.
ECONOMIST: Another blow to Mercosur
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Floating-rate securities, securities with puts, securities where, if certain things happened, a sinking fund kicked in.
FORBES: Dow Jones Interactive