Doing business in Argentina is tough, local CEOs and business owners say. The roller-coaster booms and busts are bad enough, but companies must also learn to navigate endless bureaucracy, regulatory corruption and a tangled tax code that some bosses say invites double bookkeeping. "It's very hard to do business here," a Buenos Aires entrepreneur says. "It's like you're in a disco, and you have to dance to whatever music the DJ plays."

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