Hold The Sighs Of Relief

As Argentine President Carlos Menem counts down to Election Day on May 14, the winds seem to be blowing in his favor. Opinion polls give him a wide lead to win another four years in office. The Buenos Aires stock index has recovered by 60% from its Mar. 9 low, as investors who fled from emerging economies after the collapse of Mexico's peso signal their renewed faith in Argentina. And a bank-deposit guarantee plan announced on Apr. 14 by Economy Minister Domingo Cavallo has slowed a run on beleaguered Argentine banks.

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