Argentina has defaulted for the second time in 13 years. Alejo Czerwonko, emerging markets investment strategist at UBS, weighs in the true cost of Argentina's default to the country, given that the economy is already facing high levels of inflation and low levels of economic activity. Czerwonko predicts that we will most likely see a further spike in inflation given that most of the government's spending is financed by the central bank, but the severity of the default will depend on its length. Plus, he reveals why he doesn't foresee any other countries heading down the same path as Argentina.

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