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Closing a capital account results in lost reserve status and credit access, Daniel Lacalle warns

Closing a capital account results in lost reserve status and credit access, Daniel Lacalle warns
Closing capital accounts risks reserve status

Daniel Lacalle, identified as chief economist and investment manager at Tressis Gestion, described that merely closing a country's capital account can result in severe financial consequences. According to Lacalle, such a move could lead to the country going bust, the currency losing its reserve status, disappearance of national credit access, and capital flight, while the central bank's asset base collapses.

Lacalle has previously commented on sovereign crises, citing Iran's accelerating economic collapse in a period of nearly 90% inflation and severe currency devaluation in his report on Iran. He has also questioned official responses as bond yields rose and the ECB's Lagarde suggested that bond selloffs could help address inflation, according to his coverage of European bond markets. These observations add context to his warnings about the impact of capital account restrictions.

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