Eliana Cardoso’s paper is an excellent summary of Brazil’s and Argentina’s economic and financial evolution during this century. She identifies the main differences between both countries and their uses and abuses of external debt. She shows that in the 1970s debt run-up, Argentina misused much of its external debt to finance capital flight, whereas Brazil made more productive use of its foreign loans. As a consequence, Brazil’s real GDP per capita has risen from 70 percent of Argentina’s in the 1960s to 80 percent in the 1980s.