Cautious reaction to peso devaluation

ARGENTINA - The Argentine people have reacted cautiously to their new government's decision to devalue the peso and end 10 years of parity with the US dollar in a dramatic bid to save the collapsing economy.

The new rate - of 1.4 pesos to $1, a devaluation of nearly 30% - could take effect within days.

An ultra-cautious reaction is hardly surprising, since a procession of five presidents in little more than two weeks on top of years of mismanagement has left little faith in politicians or their

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