Emerging Markets: It's Like 1997 All Over Again

â??THE peso has gone to hell,â? worried the Nobel-Prize winning writer V.S. Naipaul in an essay from the 1990s about Argentina. He also touched on Eva Perónâ??s sexual technique, beefsteak, class tensions in Buenos Aires and Jorge Luis Borges. Its limp currency is an elemental part of that South American country. And yet the news last weekâ??that the partially pegged peso had dropped by 15%â??has scared global investors.