The Argentine crisis means the great economic and social crisis that took place in Argentina between 1998 and 2002, whose consequences are felt even today. The Argentine authorities in early 1990 had chosen the technique of the currency board to stabilize an economy with inflation almost continuously since the Second World War. This very special system has withstood the evil and violent erratic market exchange rate that followed the crisis in emerging markets. The recession was extremely violent and led to a dramatic increase in poverty as well as important social movements.
Situation between 1945- 1993
After the Second World War, Argentina is still the fifth largest economy, despite the serious consequences of the crisis of 1929. Under the Peronist regime in place from 1946 to 1955, it quickly lost the luster it had before during the First World War. Peron plays the card of the welfare state by fostering the nationalization of enterprises, the subsidy of public transport, with access to private property and social protection. Thirty years political crisis marked by the proscription of Peronism without that Argentina regained its economic influence among dictatorships and civilian governments kept under close supervision of the army .
[...] The first group of creditors to enter into negotiations for the project was that of Argentine creditors, much of which debt securities were on pension funds. In late 2002, the economy showed a clear positive trend, the favorable effects of the devaluation actually become observable (mainly, the competitiveness of Argentine products in the international market). In early 2003, most alternative currencies were abolished, with good rate, which stimulate consumption. In mid-February 2005, negotiations were completed. At the end of the conversion of debts February of the creditors had accepted the offer. [...]
[...] The refusal of some provincial governors to support his economic policy led him eventually to retire December Changes in the exchange rate of the Argentine peso to the USD from December 2001 The Peronist Eduardo Duhalde was replaced a day later. The only plan of its predecessor to be maintained was the declaration of insolvency. The economic experts in his entourage decided to start a devaluation of the peso. The bank closed several days to stem the wave of buying dollars. The devaluation was effective February and the peso was fixed at 28% ( 1.40 Peso = 1 Dollar), but this course 'official' applied only to foreign trade. For domestic trade, the exchange rate could vary freely ("free course"). [...]
[...] The heart of the plans is to stop the creation of money controlled by politicians totally "lax". They require to correct the public accounts and avoid structural deficits. They advice the privatization of many economic sectors, of Aerolineas Argentinas water, electricity or pensions. Carlos Saul Menem, president from 1989 to 1999, said: "The federal government will no longer concerned only with justice, education, health, security and international relations”. From 1 January 1992, the new peso, to replace the austral, itself created in 1985, is aligned by the Minister of Economy Domingo Cavallo on the U.S. [...]
[...] After the crisis, the economy was mostly support by subvention, especially in transport and energy. But since 2011 and the reelection of Cristina Kirchner, the high rate of inflation and the crisis in brazil force the government to decrease step by step the subvention. It is generally agreed that "the worst is to come", prompting the president to anticipate elections, which took place in June 2009 rather than October, and marked a major setback for the victory of the Front in power. [...]
[...] They represented, at the height of the crisis in 2001/02, a considerable amount of money in circulation in Argentina: nearly $ 6 billion pesos. At that time were also created many circles in part exchange that followed the ideology of the free economy although most were content to practice the trade of goods and food services, and this in order to offset the steady decline in purchasing power (real wages decreasing due to high inflation). From 2001, these circles became a true mass phenomenon, and virtually every neighborhood of every city had at that time his own circle of exchange. [...]
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