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Young Writers Society
Tue Apr 03, 2007 12:20 am
Now this might be a long shot....
Can anyone out there clarify Argentina's economic troubles in 1990s/2000s?
EDIT (20 May 2007): Thanks anyway, but I turned in my paper already.
Sun Nov 10, 2013 9:59 pm
Well, I know this comes rather late but since I just found this I'll give it a shot. I'm argentinian, so I think I can answer your question but Ineed you to narrow it down a little, what years in particular are you interested in? What would you like to focus on? as very vague and general answer I can tell you it was president Menen's and his cabinet's neoliberalist economic policies. From mid seventies the military dictatorship had continously increased external debt and
. When democracy came back in the early eighties the economy was out of control and to aliviate it the military giverments had started selling to private companies public propeties, companies and services. In the ninties, still with the economy out of control the "privatization" process went even further, and to create some sort balance they invented the "1 to 1" wich meand that 1 peso (our national coin) was worth 1 dollar. That meant that people started spending money on imports from other parts of the world because they could afford the dollar price or it was cheaper even than our national products and people started saving in dollars in banks that lent that money to big companies who operated in dollars internationally and this incourage the investment of foreign capital in our country. problem was we still had enormous international debt, rich capitalists, and owners of big companies and agricoultural producers got even richer, and the poor ans mid classes got paid tha same, but could afford more dollar price, while our economy was worth less than the us economy and we did not have the gold price to back our economy in pesos, let alone in dollars. In 2001 this sistem crashed, people started to try to withdraw their dollars from the bank and guess what? there were no dollars on the banks because this large companies, capitalists and agricultural producers, had been adviced and had already empied their accounts taking all the dollars To other accounts abroad, the peso was devalueated and was worth five times less than a dollar and the national industry had been utterly destroyed, since it was cheaper to buy imports, remember? so people´s debt had gone five times bigger and they had no money to pay it. If you're still interested feel free to ask more and sorry about some of the words but I don't know the actual tecnical terms in english.
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