1.   Bank loans inside the country are also valued in dollars, and any move to devalue the peso may only serve to make repayments impossibly steep for Argentine borrowers.

2.   Banks, worried that the government would devalue the peso, jacked up interest rates.

3.   Big hotels and international airlines have been using dollar prices since long before the peso was devalued last December.

4.   Brazilian stocks were little changed after the government indicated it would maintain its foreign exchange policy and not devalue the peso.

5.   -- After the government devalued the peso in December and it plummeted in a free fall, Zedillo vacillated.

6.   After Mexico devalued the peso more than two years ago, it was forced to raise interest rates.

7.   After Mexico devalued the peso, its interest rates soared eight-fold before falling.

8.   Almost a year after Mexico devalued the peso, Americans are still pulling out.

9.   All those stocks were dropped after the peso was devalued late last year.

10.   But many economic analysts said Zedillo erred in not devaluing the peso further and absorb all the pressure for an adjustment.