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Investors have piled back into bonds in Pakistan and Argentina following cash infusions and optimism over multilateral support, but the two nations have secured only enough help to limp to autumn elections, experts said. The rally in international bonds issued by the two countries has intensified over the past two weeks, seeing returns on Pakistan's bonds soar to above 45% and Argentina's close in on 30% year-to-date, making them some of the best performers in their asset class, according to JPMorgan data. But the boost in the bonds belies the difficulties both nations face implementing major reforms once new leaders arrive after upcoming elections.

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