1603:
the 2 percent growth path. Figure 2 shows that between 1974 and 1990, real output per working-age person fell by almost 44 percent compared to the 2 percent growth path, with a decline of almost 25 percent in the first decade. Notice that this economic performance was horrible even ignoring the trend—real output per working-age person fell 23 percent, making the period 1975–90 in
Argentina a great depression by any reasonable definition. Over the period 1990–98, except for a brief downturn in 1995 associated with the Tequila Crisis, Argentina boomed, with cumulative growth almost 17 percent more than the 2 percent growth path (37 percent ignoring the trend). Starting in 1998, however, Argentina entered yet another great depression, with real output per working-age person falling by more than 29 percent by 2002, compared to the 2 percent growth path (23 percent ignoring the trend). As noted by the Argentine government in the earlier quotation, the decline was particularly severe in 2001 and 2002.
486:
Argentina's chronic inflation was curtailed dramatically and foreign investment began to pour in, leading to an economic boom. Over time, however, the peso appreciated against the majority of currencies as the U.S. Dollar became increasingly stronger in the second half of the 1990s. A strong peso hurt exports from
Argentina and caused a protracted economic downturn that eventually led to the abandonment of the peso-dollar parity in 2002. This change, in turn, caused severe economic and political distress in the country. The unemployment rate rose above 20 per cent and inflation reached a monthly rate of about 20 per cent in April 2002. In contrast, Hong Kong was able to successfully defend its currency board arrangement during the Asian financial crisis, a major stress test for the arrangement. Although there is no clear consensus on the causes of the Argentine crisis, there are at least three factors that are related to the collapse of the currency board system and ensuing economic crisis:
1463:(...) Furthermore, the crisis was not caused by fiscal profligacy: the worsening of the central government's fiscal balance from 1993 to 2002 was not a result of increased government spending (other than interest payments). Rather, there was a decline in government revenue due to the recession, which began in the third quarter of 1998. More importantly, Argentina got stuck in a debt spiral in which higher interest rates increased the debt and the country's risk premium, which led to ever higher interest rates and debt service until its default in December 2001. The interest rate shocks came from outside, starting with the US Federal Reserve's decision to raise short-term rates in February 1994, and on through the Mexican, Asian, Russian, and Brazilian financial crises (1995–1999).
918:
807:
749:
1465:(...)GDP has declined at a record 16.3 percent annual rate in the first quarter of 2002. Unemployment stands at 21.5 percent of the labor force, and real monthly wages have declined by 18 percent over the course of the year. Official poverty and indigence rates have reached record levels: 53% of Argentines now live below the official poverty line, while 25% are indigent (basic needs unmet). Since October 2001, 5.2 million Argentines have fallen below the poverty line, while seven out of ten Argentine children are poor today.
4176:
1368:
1467:(...)While this is the worst economic crisis in Argentine history, there are a number of reasons to view the economy as poised for a rapid recovery, and one that can take place without external financing. Most importantly, Argentina is running a large current account and trade surplus. Primarily a result of the devaluation, the export sector has vastly expanded as a share of the economy (see below), and is considerably more competitive internationally.
625:
108:
771:; all bank accounts denominated in dollars would be converted to pesos at an official rate. Deposits would be converted at 1.40 ARS per dollar and debt was converted on 1 to 1 basis. The exchange rate spiked as depositors converted their peso deposits back into US dollars. By October 2002, depositors who withdraw lost 50% of their value in dollars. That angered most savings holders and attempts were made to declare it unconstitutional.
994:. The assemblies used to take place in street corners and public spaces, and they generally discussed ways of helping each other in the face of eviction, or organizing around issues such as health care, collective food buying, or food distribution programs. Some created new structures of health care and schooling. Neighborhood assemblies met once a week in a large assembly to discuss issues that affected the larger community. In 2004,
952:. Nevertheless, economic recovery after 2002 was accompanied by significant improvements in income distribution: in 2002, the richest 10% absorbed 40% of all income, compared to 1.1% for the poorest 10% (36 times); but by 2013, the former received 27.6% of income, and the latter, 2% (14 times). That level of inequality compares favorably to levels in most of Latin America and, in recent years, the United States as well.
938:. Argentina continued to grow strongly, however, and GDP jumped 8.8% in 2003, 9.0% in 2004, 9.2% in 2005, 8.5% in 2006 and 8.7% in 2007. Though wages averaged a 17% annual increase from 2002 to 2008, and rising 25% in the year to May 2008, inflation ate away at the increases: 12.5% in 2005; 10% in 2006; nearly 15% in 2007, and over 20% during 2008. The government was accused of manipulating inflation statistics, and
1637:
crises in Russia and Brazil which spooked the market. Argentina's crisis ought to have been a shallow one. Instead, a series of spectacular misjudgments ensured that its economy shrank 28pc, the peso fell to a third of its pre-crash value against the dollar, inflation hit 41%, unemployment reached one quarter of the workforce, real wages fell 24pc, and over half of the population fell below the poverty line.
842:
518:
by implementing austerity measures to sustain investor confidence. The De la Rúa administration implemented $ 1.4 billion in cuts in its first weeks in office in late 1999. In June 2000, with unemployment at 14% and projections of 3.5% GDP for the year, austerity was furthered by $ 938 million in spending cuts and $ 2 billion in tax increases.
711:
recession. Critics called the plan merely a "controlled devaluation" but its advocates countered that since controlling a devaluation is perhaps its thorniest issue, that criticism was a praise in disguise. The plan had enthusiastic supporters among mainstream economists (the most well-known being perhaps
703:, that would coexist with convertible pesos and US dollars. It would circulate as cash, or but not in checks, promissory notes, or other instruments, which could be denominated in pesos or dollars. It would be partially guaranteed with federally managed land to counterbalance inflationary tendencies.
500:
While the currency crisis is over, the debt problem has not been completely resolved. The government of
Argentina ceased all debt payments in December 2001 in the wake of persistent recession and rising social and political unrest. In 2004, the Argentine government made a 'final' offer amounting to a
1754:
Residential property prices in
Argentina have gained an average of 60 percent since 2002, lifted by four straight years of economic growth of more than 8.5 percent, said Armando Pepe, founder of the country's Real Estate Chamber. The central bank predicts growth next year of 7.5 percent. Argentina's
1667:
Argentina's current economic expansion is now more than five and a half years old, and has far exceeded the expectations of most economists and the business media. Despite a record sovereign debt default of $ 100 billion in
December 2001 and a financial collapse, the economy began growing just three
1250:
The government reached an agreement in 2005 by which 76% of the defaulted bonds were exchanged for other bonds at a nominal value of 25 to 35% of the original and at longer terms. A second debt restructuring in 2010 brought the percentage of bonds out of default to 93%, but some creditors have still
925:
The currency exchange issue was complicated by two opposing factors: a sharp increase in imports since 2004, which raised the demand for dollars, and the return of foreign investment, which brought fresh currency from abroad, after the successful restructuring of about three-quarters of the external
575:
The crisis intensified when, on 5 December 2001, the IMF refused to release a US$ 1.3 billion tranche of its loan, citing the failure of the
Argentine government to reach its budget deficit targets, and it demanded budget cuts, 10% of the federal budget. On 4 December, Argentine bond yields stood at
517:
to provide the country with low-interest access to credit and to guide its economic reforms. When the recession began in 1999, the national deficit widened to 2.5% of GDP, and its external debt surpassed 50% of GDP. Seeing the levels as excessive, the IMF advised the government to balance its budget
3757:
An insider's account, by
Guillermo Nielsen, until recently the Secretary of Finance in Argentina, about his tenure there and specifically about the fraught negotiations the country had regarding its debt with the IMF, investment banks and bondholders. It goes into detail about the negotiations, the
1602:
Abstract in 1998–2002, Argentina experienced what the government described as a "great depression" (...) Although it started more slowly than the U.S. Great
Depression, the 1975–90 great depression in Argentina lasted longer and resulted in a larger deviation in output from potential as measured by
560:
Cavallo also attempted to curb the budget crisis by instituting an unpopular across-the-board pay cut in July of up to 13% to all civil servants and an equivalent cut to government pension benefits, De la Rúa's seventh austerity round—triggering nationwide strikes, and from August, it paid salaries
1636:
In 1998, Argentina entered what was to become a savage depression. Like
Britain, it had previously been a poster boy for free-market capitalism. (…) As in Britain, the crisis of 1998–2002 was predominantly one of debt. It began once credit markets froze – in Argentina's case this followed currency
964:
During the economic collapse, many business owners and foreign investors sent their money overseas. As a result, many small and medium enterprises closed for lack of capital. The majority of their workers, faced with a sudden loss of employment and no source of income, decided to reopen the closed
955:
Living standards recovered significantly after growth resumed in 2003. Even using private inflation estimates, real wages rose by around 72% from their low point, in 2003, to 2013. Argentina's domestic new auto market recovered especially quickly from a low of 83,000 in 2002 (a fifth the levels of
898:
ultimately caused such an inflow of dollars that the government was forced to begin intervening to keep the peso from rising further, which would have adversely affected budget balances by limiting export tax revenues and discouraged further reindustrialisation. The central bank started rebuilding
785:
Since the supply of pesos did not meet the demand for cash (even after the devaluation), complementary currencies kept circulating alongside them. Fears of hyperinflation as a consequence of devaluation quickly eroded their attractiveness. Their acceptability now ultimately depended on the state's
485:
The 2002 crisis of the
Argentine peso, however, shows that even a currency board arrangement cannot be completely safe from a possible collapse. When the peso was first linked to the U.S. Dollar at parity in February 1991 under the Convertibility Law, initial economic effects were quite positive:
250:
had ballooned from $ 8 billion to $ 45 billion, interest charges alone exceeded trade surpluses, industrial production had fallen by 20%, real wages had lost 36% of their purchasing power, and unemployment, calculated at 18% (though official figures claimed 5%), was at its highest point since the
710:
already in circulation; their acceptance as a means of payment was quite uneven. It was hoped that convertibility would restore public confidence, and the non-convertible nature of this currency would allow for a measure of fiscal flexibility (unthinkable with pesos) to ameliorate the crippling
348:
Argentina, however, still had external public debt that it needed to roll over. Government spending remained too high, and corruption was rampant. Argentina's public debt grew enormously during the 1990s without showing that it could service the debt. The IMF kept lending money to Argentina and
781:
Inflation and unemployment worsened during 2002. Then, exchange rate had reached nearly 4 pesos per dollar, and the accumulated inflation since the devaluation was about 80%, considerably less than predicted by most orthodox economists. The quality of life of the average Argentine was lowered
850:
797:
fared among the worst, discounted by an average 30% as even the provincial government that had issued them was reluctant to accept them. There were also frequent rumors that the first state would banish complementary currency overnight, leaving their holders with useless printed paper.
501:
75 per cent reduction in the net present value of the debt. Foreign bondholders rejected this offer and asked for an improved offer. In early 2005, bondholders finally agreed to the restructuring, under which they took a cut of about 70 per cent on the value of their bond holdings.
1008:
Although GDP grew consistently and quickly after 2003, it did not reach the levels of 1998, the last year before the crisis, until late 2004. Other macroeconomic indicators followed suit. A study by Equis, an independent counseling organization, found out that two measures of
427:
at times), and the economic measures taken did nothing to avert it. The government continued its predecessor's economic policies. Devaluing the peso by abandoning the exchange peg was considered political suicide and a recipe for economic disaster. By the end of the century,
1298:
In 2005, after turning its primary surplus into an actual surplus, Argentina began paying the IMF on schedule, with the intention of regaining financial independence. On 15 December 2005, following a similar action by Brazil, Kirchner suddenly announced that Argentina would
553:), as Cavallo referred to it, was accepted by most bondholders, and it delayed up to $ 30 billion in payments that would have been due by 2005; but it also added $ 38 billion in interest payments in the out years; of the $ 82 billion in bonds that eventually had to be
281:
Confidence in the plan, however, collapsed in late 1987, and inflation, which had already averaged 10% per month (220% per year) from 1975 to 1988, spiraled out of control. Inflation reached 200% for the month in July 1989, peaking at 5000% for the year. Amid
987:, and the printing press Chilavert. In some cases, former owners sent police to remove workers from the workplaces; that was sometimes successful but in other cases, workers defended occupied workplaces against the state, the police, and the bosses.
3609:
1259:
The IMF accepted no discounts in its part of the Argentine debt. Some payments were refinanced or postponed on agreement. However, IMF authorities at times expressed harsh criticism of the discounts and actively lobbied for the private creditors.
1310:(IEO) stated that the assessment of the Argentine case suffered from manipulation and lack of collaboration on the part of the IMF; the IEO is claimed to have unduly softened its conclusions to avoid criticizing the IMF's board of directors.
198:
loans in full in 2006, but had a long dispute with the 7% of bond-holders left. In April 2016 Argentina came out of the default when the new government decided to repay the country's debt, paying the full amount to the vulture/hedge funds.
414:
was elected in 1999 on a reform platform that nevertheless sought to maintain the peso's parity with the dollar. He inherited a country with high unemployment (15%), lingering recession, and continued high levels of borrowing. In 1999,
277:
During the Alfonsin administration, unemployment did not substantially increase, but real wages fell by almost half to the lowest level in fifty years. Prices for state-run utilities, telephone service, and gas increased substantially.
1267:
on 21 September 2004, Kirchner said, "An urgent, tough, and structural redesign of the International Monetary Fund is needed, to prevent crises and help in solutions." Implicitly referencing the fact that the intent of the original
1216:
The adjacent table shows statistics of poverty in Argentina, in per cent of the population. The first column shows the date of the measurement (note that the method and time changed in 2003; poverty is now measured each semester).
930:
judge ordered Argentina to pay hedge funds the full interest on bonds it had swapped at a discount rate during 2002. If the judgement proceeded, Argentina argued, the country would become insolvent and have a second debt default.
322:. The initial aim of such measures was to ensure the acceptance of domestic currency because after the 1989 and 1990 hyperinflation, Argentines had started to demand payment in US dollars. This regime was later modified by a law (
1714:
944:
began to turn to private sources instead. The surveying volume prompted the government to increase export tariffs and to pressure retailers into one price freeze after another in a bid to stabilize prices but with little effect.
548:
Standard and Poor's cut the credit rating of the country's bonds to B− in July 2001. Cavallo reacted by offering bondholders a swap: longer-term, higher-interest bonds would be exchanged for bonds due in 2010. The "megaswap"
826:, cardboard collectors. An estimate in 2003 had 30,000 to 40,000 people scavenging the streets for cardboard to sell to recycling plants. Such desperate measures were common because of the unemployment rate, nearly 25%.
521:
GDP growth projections proved to be overly optimistic (instead of growing, real GDP shrank 0.8%), and lagging tax receipts prompted the government to freeze spending and cut retirement benefits again. In early November,
1303:. The debt payments, totaling US$ 9.810 billion, were previously scheduled as instalments until 2008. Argentina paid it with the central bank's foreign currency reserves. The payment was made on 6 January 2006.
926:
debt. The government set up controls and restrictions aimed at keeping short-term speculative investment from destabilising financial markets. The country faced a potential debt crisis in late July 2014, when a
3474:
241:
was introduced. Budget deficits jumped to 15% of GDP as the country went into debt for the state takeover of over $ 15 billion in private debts as well as unfinished projects, higher defense spending, and the
3613:
2410:
760:
that had been in place for ten years. In a matter of days, the peso lost a large part of its value in the unregulated market. A provisional "official" exchange rate was set at 1.4 pesos per US dollar.
3309:
1247:
When the default was declared in 2002, foreign investment stopped, and capital flow ceased almost completely and immediately. The government faced severe challenges in trying to refinance its debt.
872:
The economic outlook was completely different from that of the 1990s. The devalued peso made Argentine exports cheap and competitive abroad and discouraged imports. In addition, the high price of
699:
Rodríguez Saá's economic team came up with a scheme designed to preserve the convertibility regime, dubbed the "Third Currency" Plan. It consisted of creating a new, non-convertible currency, the
3081:
274:
in its name. Fresh loans were required to service the $ 5 billion in annual interest charges, however, and when commodity prices collapsed in 1986, the state became unable to service this debt.
2793:
3244:
3211:
1272:
was to encourage economic development, Kirchner warned that the IMF today must "change that direction, which took it from being a lender for development to a creditor demanding privileges."
1621:
2040:
1704:
1461:
But this approach has failed for more than four years, as the economy remains mired in a depression, with a loss of more than 20 percent of GDP since the last business cycle peak in 1998.
2679:
2465:
1772:
1496:
399:
against the dollar. A considerable international revaluation of the dollar directly weakened the peso relative to Argentina's trading partners: Brazil (30% of total trade flows) and the
1846:
1560:
3276:
526:
placed Argentina on a credit watch, and a treasury bill auction required paying 16% interest (up from 9% in July, the second-highest rate of any country in South America at the time.
3565:
565:
instead of money. That further depressed the weakened economy, the unemployment rate rose to 16.4% in August 2001 up from a 14.7% a month earlier, and it reached 20% by December.
3587:
341:
rates. The fixed exchange rate reduced the cost of imports, which produced a flight of dollars from the country and a massive loss of industrial infrastructure and employment in
4000:
2702:
572:. De la Rúa's alliance lost its majority in both chambers of Congress. Over 20% of voters chose to give blank or defaced ballots rather than indicate support of any candidate.
2575:
387:(both important trade partners for Argentina) faced economic crises of their own, leading to mistrust of the regional economy. The influx of foreign currency provided by the
3048:
447:
to manage shortages of cash, the scale of such borrowing reached unprecedented levels during this period. They became called "quasi-currencies", the strongest of them being
178:
had returned, surprising economists and the business media, and the economy grew by an average of 9% for five years. Argentina's GDP exceeded pre-crisis levels by 2005, and
3720:
2337:
1909:
217:(alternating with weak, short-lived democratic governments) had already caused significant economic problems prior to the 2001 crisis, particularly during the self-styled
1469:(...)The second major private outflow, which coincides with the Asian, Russian, and Brazilian crises, sent the economy into a recession from which it has never recovered.
2745:
3478:
1868:
2768:
2542:
782:
proportionally. Many businesses closed or went bankrupt, many imported products became virtually inaccessible, and salaries were left as they were before the crisis.
3016:
2432:
2194:
1741:
817:
was one of the most affected Argentine companies, canceling all international flights for various days in 2002. The airline came close to bankruptcy but survived.
2418:
3881:
648:, where clashes between demonstrators and the police ended up with several people dead and precipitated the fall of the government. De la Rúa eventually fled the
696:
Politically, the most heated debate involved the date of the following elections. Proposals ranged from March 2002 to October 2003, the end of De la Rúa's term.
194:
remained ongoing. Bondholders who participated in the restructuring have been paid punctually and have seen the value of their bonds rise. Argentina repaid its
4147:
2019:
3299:
910:). The downside of this reserve accumulation strategy is that US dollars had to be bought with freshly issued pesos, which risked inflation. The Central Bank
4142:
902:
By December 2005, foreign currency reserves had reached $ 28 billion (they were later reduced by the payment of the full debt to the IMF in January 2006
17:
2065:
1935:
621:
but soon included property destruction, often directed at banks, foreign-owned privatized companies, and, especially, big American and European companies.
1949:
4137:
3071:
2920:
607:
The freeze enraged many Argentines who took to the streets of important cities, especially Buenos Aires. They engaged in protests that became known as
462:
In a 2001 interview, journalist Peter Katel identified three factors that converged "the worst possible time" that made the Argentine economy unravel:
3234:
2984:
2783:
2118:
1967:
3375:
2089:
3201:
3658:
2888:
778:. The peso further depreciated, which prompted increased inflation. Argentina depended heavily on imports but then could not replace them locally.
719:
president) citing technical arguments. However, it was not implemented because the Rodríguez Saá government lacked the required political support.
1631:
4015:
2528:
2050:
3427:
2669:
2457:
1768:
3921:
1488:
406:
After having grown by over 50% from 1990 to 1998, Argentina's GDP declined by 3% in 1999 and the country entered what became a three-year-long
2952:
2828:
1552:
1292:
3835:
3767:
1654:
132:
3331:
3266:
3114:
4264:
3573:
2251:
948:
While unemployment has been considerably reduced (it has hovered around 7% since 2011), Argentina has so far failed to reach an equitable
3995:
3773:
829:
Argentine agricultural products were rejected in some international markets for fear that they might have been damaged by the chaos. The
537:, which would lend to the government below market rates if it complied with conditions. Several more rounds of belt-tightening followed.
365:
3353:
1295:
to slow debt increases and imposing structural reforms to prove to the world financial community that it deserved loans and investment.
4010:
3595:
2694:
2314:
1785:
The nation produced five straight years of +9% GDP growth through 2007, and even managed to eke out gains during the global recession.
716:
4005:
2479:
2362:
810:
Depositors protest the freezing of their accounts, mostly in dollars. They were converted to pesos at less than half their new value.
2851:
2565:
128:
2228:
2179:
163:. The economy shrank by 28 per cent from 1998 to 2002. In terms of income, over 50 per cent of Argentines lived below the official
3038:
2347:
1755:
economy shrunk by 11 percent in 2002, its worst recession ever, after the country defaulted on $ 95 billion of bonds in late 2001.
3710:
2593:
4269:
2735:
1827:
1416:
1300:
636:
Confrontations between the police and citizens became common, and fires were set on Buenos Aires avenues. De la Rúa declared a
1291:(IIF), warned Kirchner that Argentina had to come to an immediate debt-restructuring agreement with creditors, increasing its
865:. Lavagna, a respected economist with centrist views, showed a considerable aptitude at managing the crisis, with the help of
659:, the Senate chairman was next in the line of succession in the absence of the president and the vice-president. Accordingly,
4254:
3688:
3178:
3146:
2395:
2760:
1876:
3950:
2550:
2204:
917:
337:
for many citizens, who could again afford to travel abroad, buy imported goods or ask for credit in dollars at traditional
3659:"Americas Program | Citizen Action in the Americas | Worker-Run Factories: From Survival to Economic Solidarity"
3006:
2442:
1737:
4259:
4249:
569:
3397:
2716:
2648:
887:
and accessible credit for businesses, staged an aggressive plan to improve tax collection, and allocated large sums for
3985:
3946:
3914:
3823:
2290:
1288:
3633:
806:
4244:
4239:
4234:
4229:
4224:
1251:
not been paid. Foreign currency denominated debt thus fell as a percentage of GDP from 150% in 2003 to 8.3% in 2013.
894:
The peso slowly rose, reaching a 3-to-1 rate to the dollar. Agricultural exports grew and tourism returned. The huge
222:
127:, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of
3518:
1509:
In 1998, Argentina entered what turned out to be a four-year depression, during which its economy shrank 28 percent.
1529:
602:
306:
was appointed Minister of the Economy in January 1991. On 1 April, he fixed the value of the austral at 10,000 per
144:
84:
74:
2628:
2155:
2075:
1650:
171:(their basic needs were unmet); seven out of ten Argentine children were poor at the depth of the crisis in 2002.
4086:
3887:
3779:
1264:
641:
218:
2223:
4127:
1809:
935:
1225:
is set higher: it is the minimum income needed for basic needs including food, clothing, shelter, and studies.
726:
and resigned before the end of the year. The Legislative Assembly convened again, appointing Peronist Senator
4043:
3938:
3907:
2910:
1307:
1021:
between the 10% poorest and the 10% richest among the population, grew continuously from 2001 to March 2005.
372:, and members of the board of directors had overlooked money laundering within Argentina's financial system.
208:
136:
327:
98:
3955:
2974:
2103:
1975:
1421:
1242:
830:
554:
238:
179:
88:
934:
Argentina's recovery suffered a minor setback in 2004, when rising industrial demand caused a short-lived
4152:
4101:
3776:
featuring CEPR co-director Mark Weisbrot and former IMF Research Director Michael Mussa, 30 November 2005
2310:
195:
3662:
2878:
2516:
333:
The convertibility law reduced inflation sharply, preserving the value of the currency. That raised the
4219:
4214:
4209:
4204:
4199:
4091:
4081:
364:. A congressional committee started investigations in 2001 over accusations that Central Bank Governor
230:
3841:
3502:
3453:
2497:
1448:
990:
A survey by an Buenos Aires newspaper found that around a third of the population had participated in
4162:
4074:
911:
670:
656:
315:
311:
3419:
1687:
4025:
2942:
2818:
1890:
689:
on the larger part of the public debt, US$ 132 billion, a seventh of all the money borrowed by the
529:
Rising bond yields forced the country to turn to major international lenders, such as the IMF, the
3104:
814:
1306:
In a June 2006 report, a group of independent experts hired by the IMF to revise the work of its
914:
its purchases by buying Treasury letters. In this way the exchange rate stabilised to about 3:1.
523:
283:
3799:
3685:"Poverty headcount ratio at urban poverty line (% of urban population) | Data | Table"
542:
4132:
2813:
2811:
2437:
2259:
949:
857:
Duhalde eventually stabilised the situation somewhat and called for elections. On 25 May 2003,
775:
707:
618:
436:
429:
790:
4157:
4038:
1674:
731:
2808:
1862:
1860:
841:
667:, and the Legislative Assembly (a joint session of both chambers of Congress) was convened.
538:
411:
4106:
4069:
4048:
3930:
3818:, (Hohenheimer Volkswirtschaftliche Schriften) (Paperback), Peter Lang Publishing. (2006),
2306:
1338:
1269:
996:
510:
160:
46:
3734:
2589:
8:
4274:
4096:
3980:
3764:(Argentina's central bank website, with various economic statistics available on the fly)
3754:
3304:
3239:
3206:
3109:
3076:
2740:
2674:
2570:
1857:
1709:
1626:
1010:
972:
884:
757:
420:
156:
120:
54:
2218:
2169:
3847:
2856:
2653:
2342:
2199:
2123:
2094:
2070:
2045:
1929:
1586:
1411:
991:
748:
723:
637:
629:
579:
By the end of November 2001, people began withdrawing large sums of dollars from their
416:
259:
183:
3713:[The Central recovered the reservations of the payment to the Monetary Fund].
858:
3875:
3819:
3795:
3551:
2286:
1401:
1396:
1391:
1386:
1381:
686:
674:
593:, which allowed for only minor sums of cash to be withdrawn, initially $ 250 a week.
342:
267:
151:
on the country's foreign debt, the rise of alternative currencies and the end of the
148:
3896:(Steve H. Hanke, PhD Professor of Applied Economics and Kurt Schuler, PhD Economics)
3882:
The Crisis that Was Not Prevented: Lessons for Argentina, the IMF, and Globalisation
3269:[De la Rúa resigned: Peronist Puerta is in charge of the Executive Branch].
712:
562:
452:
4180:
2380:
2378:
2376:
2024:
1373:
1324:
1014:
927:
789:
While the regional currency was frequently accepted at the same value as the peso,
557:(triggering a wave of holdout lawsuits), 60% were issued during the 2001 megaswap.
357:
252:
3853:
3780:
A Look at Argentina’s 2001 Economic Rebellion and the Social Movements that Led It
3684:
3168:
3136:
2385:
3637:
3506:
2329:
2285:. Beijing: The McGraw-Hill Companies, Inc., China Machine Press. pp. 57–58.
1553:"Ignorance and Influence: U.S. Economists on Argentina's Depression of 1998–2002"
1320:
984:
862:
853:
Foreign currency reserves of Argentina's central bank, in millions of US dollars.
727:
545:, who lasted less than three weeks in office before being replaced with Cavallo.
444:
334:
303:
187:
2557:
2373:
2032:
660:
182:
that year resulted in resumed payments on most of its defaulted bonds; a second
4122:
4053:
4033:
3857:
3784:
1280:
888:
861:
took office as the new president. Kirchner kept Duhalde's Minister of Economy,
568:
Public discontent with the economic conditions was expressed in the nationwide
467:
440:
396:
391:
of state companies had ended. After 1999, Argentine exports were harmed by the
361:
299:
214:
152:
50:
1950:"La Argentina salió del default: el juez Thomas Griesa levantó las cautelares"
262:. The new government intended to stabilize the economy and in 1985 introduced
4193:
3454:"Statement by Ms. Felisa Miceli Minister of Economy and Production Argentina"
2623:
2150:
1352:
940:
895:
664:
645:
576:
34% over U.S. treasury bonds, and, by 11 December, the spread jumped to 42%.
388:
369:
319:
243:
226:
3790:
Bortot, F. (2003). "Frozen Savings and Depressed Development in Argentina".
3629:
Benjamin Dangl, 'Occupy, Resist, Produce: Worker Cooperatives in Argentina'
1705:"Simpson on Sunday: Argentinians summon up the ghost of Peron in hard times"
921:
President Kirchner and Economy Minister Lavagna discuss policy, August 2004.
3965:
3630:
2633:
After three years of recession, Argentina's unemployment rate is now 14.7%.
2524:
580:
448:
287:
247:
191:
164:
140:
3715:
3271:
3267:"Renunció De la Rúa: el peronista Puerta está a cargo del Poder Ejecutivo"
3043:
3011:
2979:
2947:
2915:
2883:
2823:
2821:[The Supreme Court ruled out new measures backing the corralito].
2186:
1998:
876:
in the international market produced massive amounts of foreign currency;
786:
irregular willingness to take them as payment of taxes and other charges.
752:
Monthly inflation in Argentina during 2002 (the peak was 10.4%, in April).
587:. On 2 December, the government enacted measures, informally known as the
225:, was appointed Economy Minister at the outset of the dictatorship, and a
3970:
3893:
3526:
2606:
Argentina's unemployed number 2.3 million, 16.4 percent of the workforce.
1801:
1668:
months after the default and has enjoyed uninterrupted growth since then.
1345:
1331:
1275:
During the weekend of 1–2 October 2004, at the annual meeting of the IMF/
980:
966:
690:
649:
534:
392:
373:
353:
3041:[Twelve police hurt, more than 30 arrested and shops attacked].
1769:"Argentina: Reviving Economy With Rare Combination of Yields and Growth"
1521:
743:
65:
3975:
3899:
2618:
2162:
2145:
2119:"Plan by New Argentine Economy Chief Raises Cautious Hope for Recovery"
1996:
1484:
1276:
1018:
866:
822:
609:
530:
234:
175:
70:
3876:
Report of the External Evaluation of the Independent Evaluation Office
2788:
583:, turning pesos into dollars, and sending them abroad, which caused a
186:
in 2010 brought the percentage of bonds out of default to 93%, though
3960:
3774:
Video: "Argentina's Economic Recovery: Four Years After the Meltdown"
3648:
Horizontalism: Voices of Popular Power in Argentina, by Marina Sitrin
3376:"Ahorristas: el inicio de la resignación o la vuelta de la confianza"
1406:
624:
589:
424:
407:
307:
263:
124:
59:
655:
Following the presidential succession procedures established in the
79:
3173:
3141:
2390:
2174:
1802:"Argentina's Defaulted Sovereign Debt: Dealing with the "Holdouts""
1447:
Cibils, Alan B.; Weisbrot, Mark; Kar, Debayani (3 September 2002).
976:
873:
584:
400:
338:
168:
107:
3755:"Guillermo Nielsen exclusive: Inside Argentina’s financial crisis"
1442:
1440:
1438:
1436:
734:, who had been the runner-up in the 1999 race for the presidency.
2099:
1592:. Minneapolis: Federal Reserve Bank of Minneapolis. pp. 1, 5
3039:"Doce policías heridos, más de 30 detenidos y negocios atacados"
1221:
is here defined as not having enough money to eat properly. The
849:
756:
In January 2002, after much deliberation, Duhalde abandoned the
3816:
Hyperinflation, Currency Board, and Bust: The Case of Argentina
2543:"Strike Over Austerity Measures Shuts Down Argentina for a Day"
2299:
2211:
2057:
1587:"What Can We Learn from the 1998–2002 Depression in Argentina?"
1433:
820:
Several thousand homeless and jobless Argentines found work as
384:
380:
3869:
3863:
3770:
Article looking at how Argentina has recovered from the crisis
3711:"El Central recuperó las reservas del pago al Fondo Monetario"
2819:"La Corte Suprema dictó nuevas medidas en favor del corralito"
310:. Australs could be freely converted to dollars at banks. The
258:
Democracy was restored in 1983 with the election of President
1522:"Argentina's collapse: Scraping through the great depression"
877:
456:
455:. The national government issued its own quasi-currency, the
2786:[The "corralito" suffocates the Argentine economy].
1999:"Developing Country Debt and Economic Performance, Volume 2"
596:
286:, Alfonsín resigned five months before the end of his term;
3499:
3332:"Se pone en marcha el proceso de compensación a los bancos"
1869:"Argentina Seeks to Restructure Debt Held by Vulture Funds"
1027:
706:
Argentines having legal status would be used to redeem all
513:
from abroad ended in 1995, Argentina became reliant on the
3761:
3735:"Committee questions independence of IMF's evaluation arm"
3500:
Ministerio de Economía y Producción – República Argentina
1910:"Argentina Takes Its Debt Case to the U.S. Supreme Court"
677:, was eventually appointed as the new interim president.
514:
504:
496:
Contagion from the financial crises in Russia and Brazil.
3475:"Hectic efforts on by Argentina to avoid second default"
3009:[Banks and shops destroyed after a cacerolazo].
640:, but the situation worsened, precipitating the violent
439:
had always issued complementary currency in the form of
3354:"El dólar libre no detuvo su marcha y tocó los 4 pesos"
3007:"Bancos y comercios destrozados después del cacerolazo"
2643:
2641:
1738:"Pegasus, Merrill Lynch Create Argentina Property Fund"
1284:
2411:"Mired in Recession, Argentina Is Reshuffling Cabinet"
1233:
Similar statistics are available from the World Bank.
3842:
Argentina's debt restructuring: A victory by default?
2852:"Argentina Limits Withdrawals as Banks Near Collapse"
1736:
Raszewski, Eliana; Helft, Daniel (27 December 2006).
1449:"Argentina Since Default: The IMF and the Depression"
833:
put restrictions on Argentine food and drug exports.
246:. By the end of the military government in 1983, the
2977:[Another cacerolazo ended up in incidents].
2913:[New cacerolazo against the Supreme Court].
2638:
2458:"Markets quiver as IMF fears Argentina will default"
1622:"Britain is following Argentina on the road to ruin"
1363:
221:
in power from 1976 to 1983. A right-wing executive,
2338:"One-Day National Strike Freezes Much of Argentina"
1699:
1697:
774:After a few months, the exchange rate was mostly a
376:was accused of being instrumental in this process.
2498:"De la Rúa: El megacanje no fue malo para el país"
2041:"For Argentina, Inflation and Rage Rise in Tandem"
1997:Dornbusch, Rudiger; de Pablo, Juan Carlos (1990).
1642:
880:became a major buyer of Argentina's soy products.
3625:
3623:
3519:"Official statistics: Don't lie to me, Argentina"
2611:
1446:
1003:
1000:, a documentary, was released on the assemblies.
685:During the last week of 2001, the administration
4191:
2881:[Another large cacerolazo in the city].
2280:
1934:: CS1 maint: bot: original URL status unknown (
1916:. Archived from the original on 25 February 2014
1828:"Banks Fear Court Ruling in Argentina Bond Debt"
1694:
1648:
1479:
1477:
3872:(Antony P. Mueller, PhD Professor of Economics)
3866:(Joseph T. Salerno, PhD Professor of Economics)
3808:Argentina and the Fund: from triumph to tragedy
3300:"Argentina's new president vows not to devalue"
2283:International Financial Management, 6th Edition
2138:
1649:Weisbrot, Mark; Sandoval, Luis (October 2007).
1489:"Argentina's Economic Crisis: Causes and Cures"
3620:
3566:"Ligera mejora en la distribución del ingreso"
3467:
3451:
2784:"El 'corralito' asfixia la economía argentina"
2480:"Cavallo, el único procesado por el Megacanje"
2386:"The events that triggered Argentina's crisis"
2363:"Argentina, Wobbly, Clears a Borrowing Hurdle"
1735:
476:An increase in debt from reduced tax revenues.
3915:
3864:Confiscatory Deflation: The Case of Argentina
1729:
1474:
956:the late 1990s) to a record 964,000 in 2013.
737:
541:resigned in March 2001. He was replaced with
111:GDP per capita in Argentina from 1998 to 2005
3588:"El poder adquisitivo creció 72% desde 2003"
3297:
2717:"I.M.F. Gives Budget-Cut Order to Argentina"
2592:. World Socialist Web Site. 21 August 2001.
2195:"Party of Peron Loses Its Hold on Argentina"
2020:"President Raul Alfonsin, admitting failure"
1799:
1760:
1495:. Washington, D.C.: United States Congress.
891:but controlled expenditure in other fields.
360:contributed to the movement of funds toward
3072:"Argentina in 'state of siege' after riots"
2433:"In Argentina, a Surgeon without a Scalpel"
2307:"Argentina Memorandum of Economic Policies"
1615:
1613:
1611:
1580:
1578:
31:
3922:
3908:
3420:"Accommodating an army of garbage pickers"
2911:"Nuevo cacerolazo contra la Corte Suprema"
2566:"Argentines cry over 'fast food currency'"
1968:"El derrumbe de salarios y la plata dulce"
1847:"Billionaire Hedge Funds Snub 90% Returns"
845:Evolution of the Argentine GNP, 1999–2004.
722:Rodriguez Saá lost the support of his own
379:Other Latin American countries, including
3447:
3445:
3298:Graham-Yooll, Andrew (23 December 2001).
2758:
2733:
2455:
2281:Cheol S., Eun; Bruce G., Resnick (2013).
1766:
1451:. Center for Economic and Policy Research
597:December 2001 riots and political turmoil
3929:
3631:http://upsidedownworld.org/coops_arg.htm
3546:
3544:
2975:"Otro cacerolazo terminó con incidentes"
1908:Davidoff, Steven M. (25 February 2014).
1907:
1608:
1575:
1559:. Econ Journal Watch. pp. 234–278.
1544:
1514:
965:facilities on their own as self-managed
916:
848:
840:
805:
747:
623:
509:When a short boom in the early 1990s of
473:The large amounts of borrowing by Menem.
135:. The depression, which began after the
106:
3762:Banco Central de la República Argentina
2945:[Cacerolazo in Plaza de Mayo].
2705:from the original on 29 September 2013.
2563:
2221:[Exchange of Lecops extended].
1866:
1844:
1550:
767:, the Ministry of Economy dictated the
717:Banco Central de la República Argentina
14:
4192:
4011:2018–present Argentine monetary crisis
3884:(Jan Joost Teunissen and Age Akkerman)
3758:people involved. Euromoney March 2006.
3442:
3235:"New President fights to unite nation"
2849:
2695:"Argentina Scrambles for I.M.F. Loans"
2692:
2631:from the original on 20 October 2013.
2408:
2360:
2335:
2192:
2182:from the original on 15 December 2005.
2064:Nash, Nathaniel C. (31 January 1991).
2038:
1822:
1820:
1619:
1557:Intellectual Tyranny of the Status Quo
1483:
1417:South American economic crisis of 2002
505:Rates, riots, resignations and default
4006:Argentine currency controls (2011–15)
3903:
3805:
3541:
3279:from the original on 25 December 2013
3047:(in Spanish). DyN. 29 December 2001.
2879:"Otro amplio cacerolazo en la ciudad"
2796:from the original on 10 December 2011
2759:Litterick, David (11 December 2001).
2693:Krauss, Clifford (11 December 2001).
2170:"Argentina's banking scandal deepens"
2158:from the original on 20 October 2013.
1795:
1793:
1563:from the original on 25 December 2013
1236:
470:and the US dollar decided by Cavallo.
18:Argentine economic crisis (1999-2002)
3691:from the original on 30 October 2013
3661:. Americaspolicy.org. Archived from
3477:. Argentina News.Net. Archived from
3398:"La redolarización de los depósitos"
3232:
3202:"Argentina on the brink of collapse"
3199:
3181:from the original on 3 December 2013
3149:from the original on 3 December 2013
3102:
3069:
3015:(in Spanish). DyN. 11 January 2002.
2919:(in Spanish). DyN. 10 January 2002.
2850:Krauss, Clifford (3 December 2001).
2827:(in Spanish). DyN. 10 January 2002.
2781:
2771:from the original on 3 October 2013.
2748:from the original on 3 October 2013.
2734:Litterick, David (4 December 2001).
2682:from the original on 3 October 2013.
2667:
2578:from the original on 3 October 2013.
2514:
2468:from the original on 5 January 2014.
2361:Krauss, Clifford (9 November 2000).
2249:
2193:Krauss, Clifford (25 October 1999).
2117:Nash, Nathaniel C. (28 April 1991).
2116:
2063:
1990:
1883:
1838:
1775:from the original on 29 October 2013
1767:Pasternak, Carla (4 November 2010).
1744:from the original on 29 October 2013
1532:from the original on 20 October 2013
1499:from the original on 29 October 2013
1321:Social Genocide (Memoria del Saqueo)
801:
117:1998–2002 Argentine great depression
3723:from the original on 28 March 2014.
3610:"Informe Industria, diciembre 2013"
3312:from the original on 3 October 2013
3247:from the original on 3 October 2013
3214:from the original on 3 October 2013
3137:"The night Argentina said 'enough'"
3084:from the original on 4 January 2014
2736:"Argentine bonds slump to new lows"
2398:from the original on 22 April 2014.
2274:
2231:from the original on 1 October 2013
1867:Valente, Marcela (29 August 2013).
1817:
1528:. Rosario, Argentina. 30 May 2002.
1254:
642:protests of 20 and 21 December 2001
24:
3748:
3552:"Income share held by highest 10%"
3525:. 25 February 2012. Archived from
2596:from the original on 15 March 2012
2531:from the original on 21 June 2012.
2456:Trefgarne, George (13 July 2001).
2317:from the original on 23 April 2012
1790:
1717:from the original on 21 April 2012
1289:Institute of International Finance
229:economic platform centered around
143:, caused widespread unemployment,
25:
4286:
3829:
3719:(in Spanish). 27 September 2006.
3594:. 21 January 2014. Archived from
3233:Arie, Sophie (22 December 2001).
3200:Arie, Sophie (21 December 2001).
3117:from the original on 21 June 2012
3070:Arie, Sophie (20 December 2001).
3051:from the original on 7 April 2014
3019:from the original on 7 April 2014
2987:from the original on 7 April 2014
2955:from the original on 29 June 2011
2923:from the original on 7 April 2014
2891:from the original on 7 April 2014
2831:from the original on 29 June 2011
2782:Ares, Carlos (16 February 2002).
2590:"Workers Struggles: The Americas"
2564:English, Simon (22 August 2001).
2409:Krauss, Clifford (6 March 2001).
2336:Krauss, Clifford (10 June 2000).
2250:Luna, Daniel (20 December 2001).
2219:"Extienden el canje de las Lecop"
2102:. 30 January 1991. Archived from
2066:"Turmoil, Then Hope in Argentina"
1891:"Todo en un pago y chau al Fondo"
1620:Pascoe, Thomas (2 October 2012).
1584:
561:of the highest-paid employees in
349:extending its payment schedules.
266:measures and a new currency, the
4265:Presidency of Fernando de la Rúa
4174:
3854:How Argentina Got Into This Mess
3836:Argentina Didn't Fall on Its Own
3452:Miceli, Felisa (14 April 2007).
3430:from the original on 18 May 2004
3275:(in Spanish). 21 December 2001.
3105:"Argentina collapses into chaos"
2983:(in Spanish). 29 December 2001.
2943:"Cacerolazo en la Plaza de Mayo"
2761:"Argentina bond yields hit 42pc"
2670:"Angry vote tops Argentina poll"
2668:Arie, Sophie (16 October 2001).
2515:Arie, Sophie (9 December 2011).
1800:J.F.Hornbeck (6 February 2013).
1657:from the original on 7 June 2022
1366:
1287:industrialised nations, and the
652:in a helicopter on 21 December.
603:December 2001 riots in Argentina
466:The fixed exchange rate between
270:, the first of its kind without
147:, the fall of the government, a
3727:
3703:
3677:
3651:
3642:
3602:
3580:
3558:
3511:
3493:
3412:
3390:
3368:
3346:
3324:
3291:
3259:
3226:
3193:
3161:
3129:
3096:
3063:
3031:
2999:
2967:
2951:(in Spanish). 11 January 2002.
2935:
2903:
2887:(in Spanish). 11 January 2002.
2871:
2843:
2775:
2752:
2727:
2709:
2686:
2661:
2582:
2535:
2508:
2490:
2472:
2449:
2441:. 18 March 2001. Archived from
2425:
2402:
2354:
2243:
2227:(in Spanish). 1 November 2003.
2110:
2082:
2012:
1974:. 24 March 2006. Archived from
1960:
1942:
1901:
1897:(in Spanish). 16 December 2005.
1651:"Argentina's Economic Recovery"
1265:United Nations General Assembly
959:
680:
219:National Reorganization Process
3572:. 14 June 2014. Archived from
3103:Goni, Uki (21 December 2001).
2549:. 20 July 2001. Archived from
2252:"Argentina's Crisis Explained"
1810:Congressional Research Service
1332:A Lucky Day (Un Día de suerte)
1004:Effects on wealth distribution
13:
1:
4270:Presidency of Eduardo Duhalde
3894:What went wrong in Argentina?
3878:(International Monetary Fund)
3848:Argentina’s Economic Disaster
3768:Argentina: Life After Default
3169:"Argentine president resigns"
2039:Brooke, James (4 June 1989).
1551:Schuler, Kurt (August 2005).
1427:
1308:Independent Evaluation Office
1301:pay the whole debt to the IMF
632:resigned on 21 December 2001.
613:(banging pots and pans). The
490:The lack of fiscal discipline
209:Economic history of Argentina
4255:Economic crises in Argentina
2517:"Argentina hits rock bottom"
1713:. London. 23 December 2001.
1422:Argentine debt restructuring
1243:Argentine debt restructuring
831:US Department of Agriculture
403:(23% of total trade flows).
223:José Alfredo Martínez de Hoz
180:Argentine debt restructuring
7:
2311:International Monetary Fund
1740:. Buenos Aires. Bloomberg.
1359:
975:include the factory Zanon (
836:
663:took office as a caretaker
493:Labour market inflexibility
480:
196:International Monetary Fund
174:By the first half of 2003,
10:
4291:
4260:Presidency of Carlos Menem
4250:History of government debt
1346:Nine Queens (Nueve Reinas)
1279:, leaders of the IMF, the
1240:
883:The government encouraged
741:
738:End of fixed exchange rate
600:
368:, a prominent advocate of
330:as the national currency.
314:had to keep its US dollar
213:Argentina's many years of
206:
202:
141:Brazilian financial crises
4171:
4115:
4062:
4024:
4016:Historical exchange rates
3937:
2090:"Argentina Economy Chief"
657:Constitution of Argentina
318:at the same level as the
316:foreign-exchange reserves
312:Central Bank of Argentina
4245:2002 in economic history
4240:2001 in economic history
4235:2000 in economic history
4230:1999 in economic history
4225:1998 in economic history
1630:. London. Archived from
1493:Joint Economic Committee
1313:
628:Amid rioting, President
430:complementary currencies
293:
239:financial liberalization
3951:Railway nationalization
3806:Mussa, Michael (2002).
3792:Savings and Development
3636:29 October 2013 at the
3612:. ADEFA. Archived from
3505:19 October 2013 at the
1325:Fernando "Pino" Solanas
1263:In a speech before the
298:After a second bout of
3870:No Tears for Argentina
3687:. Data.worldbank.org.
2649:"Argentina Unraveling"
2438:Bloomberg Businessweek
1682:Cite journal requires
1293:primary budget surplus
950:distribution of income
922:
854:
846:
811:
776:floating exchange rate
753:
708:complementary currency
633:
437:provinces of Argentina
324:Ley de Convertibilidad
131:and a brief period of
112:
85:Economic emergency law
3986:Railway privatisation
3947:Agricultural colonies
3810:. Peterson Institute.
3739:Bretton Woods Project
2553:on 27 September 2013.
2445:on 29 September 2013.
2421:on 29 September 2013.
920:
899:its dollar reserves.
852:
844:
815:Aerolíneas Argentinas
809:
751:
732:Buenos Aires Province
627:
524:Standard & Poor's
290:took office in July.
215:military dictatorship
167:and 25 per cent were
110:
4181:Argentina portal
4143:Provincial economies
4001:2008 farmers' strike
3931:Economy of Argentina
3794:, Vol. XXVII, n. 2.
3177:. 21 December 2001.
3145:. 20 December 2001.
2394:. 21 December 2001.
2313:. 14 February 2000.
2178:. 21 February 2001.
1879:on 24 November 2020.
1270:Bretton Woods system
1030:Poverty in Argentina
671:Adolfo Rodríguez Saá
543:Ricardo López Murphy
511:portfolio investment
326:) that restored the
47:Economy of Argentina
4138:Ministry of Economy
3981:Convertibility plan
3616:on 11 January 2014.
3598:on 25 January 2014.
2723:. 10 December 2001.
2657:. 21 December 2001.
2619:"Don't cry for me…"
2486:. 4 September 2013.
2262:on 1 September 2012
1834:. 25 February 2013.
1634:on 4 October 2012.
1042:Under poverty line
1036:Date of measurement
1032:
1011:economic inequality
983:, the suit factory
973:Worker cooperatives
885:import substitution
791:Entre Ríos Province
763:In addition to the
758:fixed exchange rate
421:economic stagnation
320:cash in circulation
157:fixed exchange rate
133:free-market reforms
121:economic depression
55:Convertibility plan
36:1998–2002 Argentine
4102:Telecommunications
3782:– video report by
3400:. 25 December 2002
3334:. 6 September 2002
2857:The New York Times
2721:The New York Times
2699:The New York Times
2654:The New York Times
2415:The New York Times
2367:The New York Times
2343:The New York Times
2200:The New York Times
2124:The New York Times
2095:The New York Times
2071:The New York Times
2046:The New York Times
1978:on 3 November 2011
1914:The New York Times
1832:The New York Times
1585:Kehoe, Timothy J.
1412:Popular assemblies
1237:Debt restructuring
1028:
992:general assemblies
923:
855:
847:
812:
754:
724:Justicialist Party
673:, the governor of
638:state of emergency
634:
630:Fernando de la Rua
539:José Luis Machinea
417:economic stability
412:Fernando de la Rúa
184:debt restructuring
113:
89:Debt restructuring
4220:2002 in Argentina
4215:2001 in Argentina
4210:2000 in Argentina
4205:1999 in Argentina
4200:1998 in Argentina
4187:
4186:
3996:2007–10 recession
3890:(PBS, Wide Angle)
3850:(The Free Market)
3838:(Global Exchange)
3554:. The World Bank.
3426:. 26 March 2003.
2146:"The last tango?"
1771:. Seeking Alpha.
1402:2002 in Argentina
1397:2001 in Argentina
1392:2000 in Argentina
1387:1999 in Argentina
1382:1998 in Argentina
1231:
1230:
1211:
1210:
979:), the four-star
802:Immediate effects
675:San Luis Province
268:Argentine austral
105:
104:
101:
27:Economic disaster
16:(Redirected from
4282:
4179:
4178:
4177:
4148:Provinces by HDI
4082:Defence industry
3991:1998–2002 crisis
3924:
3917:
3910:
3901:
3900:
3811:
3743:
3742:
3731:
3725:
3724:
3707:
3701:
3700:
3698:
3696:
3681:
3675:
3674:
3672:
3670:
3655:
3649:
3646:
3640:
3627:
3618:
3617:
3606:
3600:
3599:
3592:Tiempo Argentino
3584:
3578:
3577:
3570:Tiempo Argentino
3562:
3556:
3555:
3548:
3539:
3538:
3536:
3534:
3515:
3509:
3497:
3491:
3490:
3488:
3486:
3481:on 8 August 2014
3471:
3465:
3464:
3458:
3449:
3440:
3439:
3437:
3435:
3416:
3410:
3409:
3407:
3405:
3394:
3388:
3387:
3385:
3383:
3378:. 6 October 2002
3372:
3366:
3365:
3363:
3361:
3350:
3344:
3343:
3341:
3339:
3328:
3322:
3321:
3319:
3317:
3295:
3289:
3288:
3286:
3284:
3263:
3257:
3256:
3254:
3252:
3230:
3224:
3223:
3221:
3219:
3210:. Buenos Aires.
3197:
3191:
3190:
3188:
3186:
3165:
3159:
3158:
3156:
3154:
3133:
3127:
3126:
3124:
3122:
3113:. Buenos Aires.
3100:
3094:
3093:
3091:
3089:
3080:. Buenos Aires.
3067:
3061:
3060:
3058:
3056:
3035:
3029:
3028:
3026:
3024:
3003:
2997:
2996:
2994:
2992:
2971:
2965:
2964:
2962:
2960:
2939:
2933:
2932:
2930:
2928:
2907:
2901:
2900:
2898:
2896:
2875:
2869:
2868:
2866:
2864:
2847:
2841:
2840:
2838:
2836:
2815:
2806:
2805:
2803:
2801:
2779:
2773:
2772:
2756:
2750:
2749:
2731:
2725:
2724:
2713:
2707:
2706:
2690:
2684:
2683:
2665:
2659:
2658:
2645:
2636:
2635:
2627:. 13 July 2001.
2615:
2609:
2608:
2603:
2601:
2586:
2580:
2579:
2561:
2555:
2554:
2539:
2533:
2532:
2512:
2506:
2505:
2494:
2488:
2487:
2484:Infojus Noticias
2476:
2470:
2469:
2453:
2447:
2446:
2429:
2423:
2422:
2417:. Archived from
2406:
2400:
2399:
2382:
2371:
2370:
2358:
2352:
2351:
2350:on 13 June 2014.
2346:. Archived from
2333:
2327:
2326:
2324:
2322:
2303:
2297:
2296:
2278:
2272:
2271:
2269:
2267:
2258:. Archived from
2247:
2241:
2240:
2238:
2236:
2215:
2209:
2208:
2207:on 13 June 2014.
2203:. Archived from
2190:
2184:
2183:
2166:
2160:
2159:
2154:. 21 June 2001.
2142:
2136:
2135:
2133:
2131:
2114:
2108:
2107:
2086:
2080:
2079:
2078:on 13 June 2014.
2074:. Archived from
2061:
2055:
2054:
2053:on 13 June 2014.
2049:. Archived from
2036:
2030:
2029:
2025:Orlando Sentinel
2016:
2010:
2009:
2003:
1994:
1988:
1987:
1985:
1983:
1964:
1958:
1957:
1946:
1940:
1939:
1933:
1925:
1923:
1921:
1905:
1899:
1898:
1887:
1881:
1880:
1875:. Archived from
1864:
1855:
1854:
1842:
1836:
1835:
1824:
1815:
1814:
1806:
1797:
1788:
1787:
1782:
1780:
1764:
1758:
1757:
1751:
1749:
1733:
1727:
1726:
1724:
1722:
1701:
1692:
1691:
1685:
1680:
1678:
1670:
1664:
1662:
1646:
1640:
1639:
1617:
1606:
1605:
1599:
1597:
1591:
1582:
1573:
1572:
1570:
1568:
1548:
1542:
1541:
1539:
1537:
1518:
1512:
1511:
1506:
1504:
1481:
1472:
1471:
1458:
1456:
1444:
1376:
1374:Argentina portal
1371:
1370:
1369:
1255:Criticism of IMF
1033:
1024:
1023:
1015:Gini coefficient
909:
907:
358:money laundering
253:Great Depression
190:lawsuits led by
97:
91:
38:great depression
32:
21:
4290:
4289:
4285:
4284:
4283:
4281:
4280:
4279:
4190:
4189:
4188:
4183:
4175:
4173:
4167:
4111:
4058:
4020:
3956:Five-Year Plans
3933:
3928:
3844:(The Economist)
3832:
3751:
3749:Further reading
3746:
3741:. 30 June 2006.
3733:
3732:
3728:
3709:
3708:
3704:
3694:
3692:
3683:
3682:
3678:
3668:
3666:
3657:
3656:
3652:
3647:
3643:
3638:Wayback Machine
3628:
3621:
3608:
3607:
3603:
3586:
3585:
3581:
3576:on 5 July 2014.
3564:
3563:
3559:
3550:
3549:
3542:
3532:
3530:
3529:on 7 March 2013
3517:
3516:
3512:
3507:Wayback Machine
3498:
3494:
3484:
3482:
3473:
3472:
3468:
3456:
3450:
3443:
3433:
3431:
3418:
3417:
3413:
3403:
3401:
3396:
3395:
3391:
3381:
3379:
3374:
3373:
3369:
3359:
3357:
3352:
3351:
3347:
3337:
3335:
3330:
3329:
3325:
3315:
3313:
3296:
3292:
3282:
3280:
3265:
3264:
3260:
3250:
3248:
3231:
3227:
3217:
3215:
3198:
3194:
3184:
3182:
3167:
3166:
3162:
3152:
3150:
3135:
3134:
3130:
3120:
3118:
3101:
3097:
3087:
3085:
3068:
3064:
3054:
3052:
3037:
3036:
3032:
3022:
3020:
3005:
3004:
3000:
2990:
2988:
2973:
2972:
2968:
2958:
2956:
2941:
2940:
2936:
2926:
2924:
2909:
2908:
2904:
2894:
2892:
2877:
2876:
2872:
2862:
2860:
2848:
2844:
2834:
2832:
2817:
2816:
2809:
2799:
2797:
2780:
2776:
2757:
2753:
2732:
2728:
2715:
2714:
2710:
2691:
2687:
2666:
2662:
2647:
2646:
2639:
2617:
2616:
2612:
2599:
2597:
2588:
2587:
2583:
2562:
2558:
2541:
2540:
2536:
2513:
2509:
2504:. 29 June 2014.
2496:
2495:
2491:
2478:
2477:
2473:
2454:
2450:
2431:
2430:
2426:
2407:
2403:
2384:
2383:
2374:
2359:
2355:
2334:
2330:
2320:
2318:
2305:
2304:
2300:
2293:
2279:
2275:
2265:
2263:
2248:
2244:
2234:
2232:
2217:
2216:
2212:
2191:
2187:
2168:
2167:
2163:
2144:
2143:
2139:
2129:
2127:
2115:
2111:
2106:on 24 May 2013.
2088:
2087:
2083:
2062:
2058:
2037:
2033:
2018:
2017:
2013:
2001:
1995:
1991:
1981:
1979:
1966:
1965:
1961:
1948:
1947:
1943:
1927:
1926:
1919:
1917:
1906:
1902:
1889:
1888:
1884:
1865:
1858:
1843:
1839:
1826:
1825:
1818:
1804:
1798:
1791:
1778:
1776:
1765:
1761:
1747:
1745:
1734:
1730:
1720:
1718:
1703:
1702:
1695:
1683:
1681:
1672:
1671:
1660:
1658:
1647:
1643:
1618:
1609:
1595:
1593:
1589:
1583:
1576:
1566:
1564:
1549:
1545:
1535:
1533:
1520:
1519:
1515:
1502:
1500:
1482:
1475:
1468:
1466:
1464:
1462:
1454:
1452:
1445:
1434:
1430:
1372:
1367:
1365:
1362:
1316:
1257:
1245:
1239:
1219:Extreme poverty
1039:Extreme poverty
1006:
962:
905:
903:
863:Roberto Lavagna
859:Néstor Kirchner
839:
804:
746:
740:
728:Eduardo Duhalde
683:
617:began as noisy
605:
599:
507:
483:
335:quality of life
304:Domingo Cavallo
296:
211:
205:
87:
83:
77:
73:
69:
63:
57:
53:
49:
45:
37:
28:
23:
22:
15:
12:
11:
5:
4288:
4278:
4277:
4272:
4267:
4262:
4257:
4252:
4247:
4242:
4237:
4232:
4227:
4222:
4217:
4212:
4207:
4202:
4185:
4184:
4172:
4169:
4168:
4166:
4165:
4160:
4155:
4153:Stock exchange
4150:
4145:
4140:
4135:
4133:Infrastructure
4130:
4125:
4123:Argentine peso
4119:
4117:
4113:
4112:
4110:
4109:
4104:
4099:
4094:
4089:
4084:
4079:
4078:
4077:
4066:
4064:
4060:
4059:
4057:
4056:
4051:
4046:
4041:
4036:
4030:
4028:
4022:
4021:
4019:
4018:
4013:
4008:
4003:
3998:
3993:
3988:
3983:
3978:
3973:
3968:
3963:
3958:
3953:
3943:
3941:
3935:
3934:
3927:
3926:
3919:
3912:
3904:
3898:
3897:
3891:
3885:
3879:
3873:
3867:
3861:
3858:Cato Institute
3851:
3845:
3839:
3831:
3830:External links
3828:
3827:
3826:
3824:978-0820487083
3812:
3803:
3788:
3785:Democracy Now!
3777:
3771:
3765:
3759:
3750:
3747:
3745:
3744:
3726:
3702:
3676:
3665:on 6 July 2008
3650:
3641:
3619:
3601:
3579:
3557:
3540:
3510:
3492:
3466:
3441:
3411:
3389:
3367:
3356:. 26 June 2002
3345:
3323:
3290:
3258:
3225:
3192:
3160:
3128:
3095:
3062:
3030:
2998:
2966:
2934:
2902:
2870:
2842:
2807:
2792:(in Spanish).
2774:
2751:
2726:
2708:
2685:
2660:
2637:
2610:
2581:
2556:
2534:
2507:
2489:
2471:
2448:
2424:
2401:
2372:
2353:
2328:
2298:
2292:978-7111408543
2291:
2273:
2242:
2210:
2185:
2161:
2137:
2109:
2081:
2056:
2031:
2011:
1989:
1959:
1941:
1900:
1882:
1856:
1851:Bloomberg News
1837:
1816:
1789:
1759:
1728:
1693:
1684:|journal=
1641:
1607:
1574:
1543:
1513:
1473:
1431:
1429:
1426:
1425:
1424:
1419:
1414:
1409:
1404:
1399:
1394:
1389:
1384:
1378:
1377:
1361:
1358:
1357:
1356:
1349:
1342:
1335:
1328:
1315:
1312:
1285:Group of Seven
1281:European Union
1256:
1253:
1241:Main article:
1238:
1235:
1229:
1228:
1212:
1209:
1208:
1205:
1202:
1198:
1197:
1194:
1191:
1187:
1186:
1183:
1180:
1176:
1175:
1172:
1169:
1165:
1164:
1161:
1158:
1154:
1153:
1150:
1147:
1143:
1142:
1139:
1136:
1132:
1131:
1128:
1125:
1121:
1120:
1117:
1114:
1110:
1109:
1106:
1103:
1099:
1098:
1095:
1092:
1088:
1087:
1084:
1081:
1077:
1076:
1073:
1070:
1066:
1065:
1062:
1059:
1055:
1054:
1051:
1048:
1044:
1043:
1040:
1037:
1005:
1002:
961:
958:
889:social welfare
838:
835:
803:
800:
742:Main article:
739:
736:
713:Martín Redrado
682:
679:
619:demonstrations
601:Main article:
598:
595:
506:
503:
498:
497:
494:
491:
482:
479:
478:
477:
474:
471:
468:Argentine peso
397:Brazilian real
362:offshore banks
328:Argentine peso
300:hyperinflation
295:
292:
207:Main article:
204:
201:
103:
102:
94:
93:
51:Argentine peso
41:
40:
26:
9:
6:
4:
3:
2:
4287:
4276:
4273:
4271:
4268:
4266:
4263:
4261:
4258:
4256:
4253:
4251:
4248:
4246:
4243:
4241:
4238:
4236:
4233:
4231:
4228:
4226:
4223:
4221:
4218:
4216:
4213:
4211:
4208:
4206:
4203:
4201:
4198:
4197:
4195:
4182:
4170:
4164:
4161:
4159:
4156:
4154:
4151:
4149:
4146:
4144:
4141:
4139:
4136:
4134:
4131:
4129:
4126:
4124:
4121:
4120:
4118:
4114:
4108:
4105:
4103:
4100:
4098:
4095:
4093:
4092:Foreign trade
4090:
4088:
4085:
4083:
4080:
4076:
4073:
4072:
4071:
4068:
4067:
4065:
4063:Other sectors
4061:
4055:
4052:
4050:
4047:
4045:
4042:
4040:
4037:
4035:
4032:
4031:
4029:
4027:
4023:
4017:
4014:
4012:
4009:
4007:
4004:
4002:
3999:
3997:
3994:
3992:
3989:
3987:
3984:
3982:
3979:
3977:
3974:
3972:
3969:
3967:
3964:
3962:
3959:
3957:
3954:
3952:
3948:
3945:
3944:
3942:
3940:
3936:
3932:
3925:
3920:
3918:
3913:
3911:
3906:
3905:
3902:
3895:
3892:
3889:
3888:The Empty ATM
3886:
3883:
3880:
3877:
3874:
3871:
3868:
3865:
3862:
3859:
3855:
3852:
3849:
3846:
3843:
3840:
3837:
3834:
3833:
3825:
3821:
3817:
3814:Jutta Maute:
3813:
3809:
3804:
3801:
3797:
3793:
3789:
3787:
3786:
3781:
3778:
3775:
3772:
3769:
3766:
3763:
3760:
3756:
3753:
3752:
3740:
3736:
3730:
3722:
3718:
3717:
3712:
3706:
3690:
3686:
3680:
3664:
3660:
3654:
3645:
3639:
3635:
3632:
3626:
3624:
3615:
3611:
3605:
3597:
3593:
3589:
3583:
3575:
3571:
3567:
3561:
3553:
3547:
3545:
3528:
3524:
3523:The Economist
3520:
3514:
3508:
3504:
3501:
3496:
3480:
3476:
3470:
3462:
3455:
3448:
3446:
3429:
3425:
3421:
3415:
3399:
3393:
3377:
3371:
3355:
3349:
3333:
3327:
3311:
3307:
3306:
3305:The Telegraph
3301:
3294:
3278:
3274:
3273:
3268:
3262:
3246:
3242:
3241:
3240:The Telegraph
3236:
3229:
3213:
3209:
3208:
3207:The Telegraph
3203:
3196:
3180:
3176:
3175:
3170:
3164:
3148:
3144:
3143:
3138:
3132:
3116:
3112:
3111:
3110:The Telegraph
3106:
3099:
3083:
3079:
3078:
3077:The Telegraph
3073:
3066:
3050:
3046:
3045:
3040:
3034:
3018:
3014:
3013:
3008:
3002:
2986:
2982:
2981:
2976:
2970:
2954:
2950:
2949:
2944:
2938:
2922:
2918:
2917:
2912:
2906:
2890:
2886:
2885:
2880:
2874:
2859:
2858:
2853:
2846:
2830:
2826:
2825:
2820:
2814:
2812:
2795:
2791:
2790:
2785:
2778:
2770:
2766:
2765:The Telegraph
2762:
2755:
2747:
2743:
2742:
2741:The Telegraph
2737:
2730:
2722:
2718:
2712:
2704:
2700:
2696:
2689:
2681:
2677:
2676:
2675:The Telegraph
2671:
2664:
2656:
2655:
2650:
2644:
2642:
2634:
2630:
2626:
2625:
2624:The Economist
2620:
2614:
2607:
2595:
2591:
2585:
2577:
2573:
2572:
2571:The Telegraph
2567:
2560:
2552:
2548:
2544:
2538:
2530:
2526:
2522:
2518:
2511:
2503:
2499:
2493:
2485:
2481:
2475:
2467:
2463:
2462:The Telegraph
2459:
2452:
2444:
2440:
2439:
2434:
2428:
2420:
2416:
2412:
2405:
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410:. President
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288:Carlos Menem
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237:policies of
212:
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165:poverty line
116:
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4026:Agriculture
3971:Spring plan
3404:20 December
3382:20 December
3360:20 December
3338:20 December
3316:29 November
3283:29 November
3251:29 November
3218:29 November
3153:29 November
3121:29 November
3088:29 November
2863:29 November
2600:29 November
2266:2 September
1721:2 September
1661:2 September
1485:Saxton, Jim
981:Hotel Bauen
715:, a former
691:Third World
650:Casa Rosada
615:cacerolazos
535:US Treasury
393:devaluation
374:Clearstream
354:tax evasion
231:anti-labour
4275:Recessions
4194:Categories
3976:BONEX plan
3669:9 November
3308:. London.
3243:. London.
2767:. London.
2744:. London.
2678:. London.
2574:. London.
2523:. London.
2464:. London.
2224:Clarín.com
1428:References
1277:World Bank
1019:wealth gap
912:sterilized
869:measures.
823:cartoneros
610:cacerolazo
533:, and the
531:World Bank
435:While the
235:monetarist
227:neoliberal
176:GDP growth
129:stagnation
75:2001 riots
71:Cacerolazo
4128:Companies
3961:Rodrigazo
3800:0393-4551
3716:La Nación
3272:La Nación
3044:La Nación
3012:La Nación
2980:La Nación
2948:La Nación
2916:La Nación
2884:La Nación
2824:La Nación
2502:Página/12
1930:cite news
1895:Página/12
1407:Piquetero
867:heterodox
765:corralito
701:Argentino
687:defaulted
590:corralito
551:megacanje
425:deflation
408:recession
366:Pedro Pou
308:US dollar
264:austerity
161:US dollar
125:Argentina
60:Corralito
4158:Taxation
3721:Archived
3695:22 April
3689:Archived
3634:Archived
3533:22 April
3503:Archived
3428:Archived
3310:Archived
3277:Archived
3245:Archived
3212:Archived
3185:13 March
3179:Archived
3174:BBC News
3147:Archived
3142:BBC News
3115:Archived
3082:Archived
3055:13 March
3049:Archived
3023:13 March
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2991:13 March
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2800:14 March
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2529:Archived
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2391:BBC News
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2180:Archived
2175:BBC News
2156:Archived
2130:14 March
1920:24 March
1873:IPS News
1773:Archived
1742:Archived
1715:Archived
1655:Archived
1653:. CEPR.
1561:Archived
1530:Archived
1497:Archived
1360:See also
1339:The Take
1091:May 2003
1069:May 2002
1047:May 2001
1017:and the
997:The Take
977:FaSinPat
928:New York
874:soybeans
837:Recovery
744:Corralón
585:bank run
570:election
481:Currency
401:eurozone
352:Massive
343:industry
339:interest
169:indigent
66:Corralón
4107:Tourism
4070:Banking
4049:Whaling
4044:Tobacco
3949:·
3939:History
3485:31 July
3434:13 June
3424:CNN.com
2789:El País
2100:Reuters
1954:infobae
985:Brukman
906:2006-01
904: (
795:Federal
453:Patacón
419:became
395:of the
203:Origins
188:holdout
159:to the
149:default
137:Russian
119:was an
4097:Mining
4087:Energy
4039:Timber
3822:
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1982:9 July
1972:Clarín
1283:, the
1207:15.3%
1196:17.8%
1185:20.6%
1174:26.4%
1163:31.4%
1152:33.8%
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1130:40.2%
1119:44.3%
1108:47.8%
1097:54.7%
1086:57.5%
1075:53.0%
1064:38.3%
1053:35.9%
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445:drafts
423:(even
385:Brazil
381:Mexico
80:Apagón
4116:Other
3856:(The
3457:(PDF)
2002:(PDF)
1805:(PDF)
1590:(PDF)
1323:, by
1314:Films
1160:11.2%
1149:12.2%
1138:13.6%
1127:15.0%
1116:17.0%
1105:20.5%
1094:26.3%
1083:27.5%
1072:24.8%
1061:13.6%
1050:11.6%
878:China
457:LECOP
441:bonds
294:1990s
284:riots
251:1929
145:riots
99:edit
4054:Wine
4034:Beef
3820:ISBN
3796:ISSN
3697:2013
3671:2009
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2256:TIME
2237:2012
2132:2011
2006:NBER
1984:2014
1936:link
1922:2014
1781:2013
1750:2013
1723:2012
1688:help
1663:2012
1598:2013
1569:2013
1538:2013
1505:2013
1457:2013
1204:4.4%
1193:5.1%
1182:5.9%
1171:8.7%
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