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Argument: Dollarization does not end the risk of default

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Supporting evidence

  • Daniel Gross. "The Case for Fewer but Stronger Currencies". New York Times. February 19, 2006 - "So what's not to like? 'It's not like dollarization is a magic drug,' Mr. Steil said. It certainly doesn't end the risk that countries will default on dollar-denominated debt. Panama has been using the dollar since 1904 and has repeatedly run into difficulties. And El Salvador's economic performance hasn't outpaced those of its Central American neighbors. Panama has been using the dollar since 1904 and has repeatedly run into difficulties. And El Salvador's economic performance hasn't outpaced those of its Central American neighbors."

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