[Toidiu]

Yes there were policies that augmented the recovery but the article hits upon a key point: you need the people of a government to trust the government for it to succeed.

The entire economic system is based upon trust. Trust that you can pay back a debt, you can take out a loan, you will get paid and the money will hold its value, the government will honor and stand behind it currency. This trust is lost when a government defaults on its debt, which was the case in Brazil and much of South America.

The real created an illusion of trust by listing prices in a phantom currency.

[SubiculumCode]

To a certain extent I disagree. As long as you have to pay your taxes in the sovereign's currency, and failure to pay those taxes has real consequences, there will be demand for that currency...

[redblacktree]

In what way do you disagree?