321:
335:
233:
265:. In mid-2001, it was probably clear to bank owners and high-ranking officials that Argentina's banking system was going to crash, and some in fact may have spurred this outcome by letting their highest deposit holders know this news. These, mostly large companies, quickly moved their deposits abroad. Meanwhile, they continued to recommend their middle-class customers to enter deposits.
240:
At the time, the average
Argentine did not employ the banking system for daily uses; many did not have a personal bank account and dealt only in cash. Debit cards were not popular and many businesses did not have the equipment to accept them. Thus the cash restrictions only exacerbated the recession
301:
ended up being good business for some international banks since they negotiated with the
Argentine government to receive compensation bonds for the "missing" money, which in a large proportion had never really left their banks, only moved from one branch to another.
212:, then 300), and only from accounts denominated in pesos. No withdrawals were allowed from accounts denominated in U.S. dollars, unless the owner agreed to convert the funds into pesos. Operations using
305:
Most banks stayed in the country during the crisis, withstanding a severe damage to their reputation as well as (in certain cases) physical attacks. Others fled as soon as problems arose (for example,
286:
assumed the presidency, US denominated debt and deposits were forcibly exchanged for
Argentine pesos at 1.4 pesos per dollar for deposits and 1.0 for debt. The exchange rate spiked to 4 ARS/USD. The
193:
uncompetitive and effectively deprived the state of having an independent monetary policy. Many
Argentines, but most especially companies, fearing an economic crash and possibly a
479:
294:
as people could not longer withdraw $ 250 per week not because of a new limit but because they no longer had any dollars. Protests increased and banks were closed for months.
130:
which implicated a limit of cash withdrawals of 250 ARS per week (at that time US$ 1 = 1 ARS). Electronic transfers and credit and debit card payments were not disrupted.
224:
and other means of payment could be conducted normally, but the lack of cash availability caused numerous problems for the general public and for businesses.
421:
208:, the government froze all bank accounts, initially for 90 days. Only a small amount of cash was allowed for withdrawal on a weekly basis (initially 250
154:
535:
197:, were transforming pesos to dollars and withdrawing them from the banks in large amounts, usually transferring them to foreign accounts (
149:, which means "corral, animal pen, enclosure"; the diminutive is used in the sense of "small enclosure" and in Argentina also "a child's
475:
459:
31:
507:
530:
440:
403:
166:
540:
80:
70:
153:". This expressive name alludes to the restrictions imposed by the measure. The term was coined by the journalist
246:
120:
418:
94:
84:
364:
261:
It is generally agreed that the banks had a share of the blame for the situation that led to the
242:
205:
182:
42:
456:
8:
50:
399:
437:
369:
134:
111:
512:
483:
463:
444:
425:
283:
123:
209:
198:
186:
46:
524:
178:
494:
348:
340:
326:
476:"The Argentine Crisis: A Chronology of Events After The Sovereign Default"
213:
194:
170:
359:
277:
204:
On
December 1, 2001, in order to stop this draining from destroying the
61:
20:
354:
306:
217:
142:
66:
457:"Oxford Analytica Brief: Argentina's Economic and Political Situation"
174:
116:
173:, with an economy in complete stagnation (an almost three-year-long
75:
232:
127:
150:
221:
190:
398:] (in Spanish). Argentina: Sudamericana. p. 145.
115:) is the informal name for the economic measures taken in
16:
2001 austerity measures in the
Argentine financial crisis
495:"Argentina: Program for a Popular Economic Recovery"
316:
160:
522:
27:
309:'s Argentine branch, Scotiabank Quilmes).
268:
165:In 2001, Argentina was in the midst of a
297:It is also believed that in the end the
231:
523:
389:
110:
419:"The Man Who Came In from the Crash"
236:Riots in Buenos Aires. December 2001
227:
351:- a similar measure taken in Brazil
245:resigned on 20 December 2001 after
13:
241:and angered the public. President
14:
552:
536:Presidency of Fernando de la Rúa
333:
319:
256:
513:"Argentina's crisis revisited"
161:Background and initial measures
488:
469:
450:
431:
412:
382:
249:, but the restrictions of the
1:
531:Economic history of Argentina
375:
253:were not lifted at the time.
7:
312:
10:
557:
466:-United Jewish Communities
365:Fractional-reserve banking
275:
18:
541:Spanish words and phrases
478:- Standard & Poor's
443:January 18, 2007, at the
438:"The crisis in Argentina"
390:Reato, Ceferino (2015).
19:Not to be confused with
482:March 15, 2005, at the
428:- Harvard Independent.
237:
119:at the end of 2001 by
108:Spanish pronunciation:
81:Economic emergency law
235:
447:- socialistworld.net
43:Economy of Argentina
189:by law, which made
126:in order to stop a
121:Minister of Economy
112:[koraˈlito]
51:Convertibility plan
32:1998–2002 Argentine
462:2006-10-18 at the
424:2012-01-12 at the
243:Fernando de la Rúa
238:
85:Debt restructuring
497:- Monthly Review.
405:978-950-07-5203-9
228:Immediate effects
181:was fixed at one
101:
100:
97:
548:
498:
492:
486:
473:
467:
454:
448:
435:
429:
416:
410:
409:
386:
370:Third World debt
343:
338:
337:
336:
329:
324:
323:
322:
114:
109:
93:
87:
34:great depression
28:
556:
555:
551:
550:
549:
547:
546:
545:
521:
520:
502:
501:
493:
489:
484:Wayback Machine
474:
470:
464:Wayback Machine
455:
451:
445:Wayback Machine
436:
432:
426:Wayback Machine
417:
413:
406:
387:
383:
378:
339:
334:
332:
325:
320:
318:
315:
284:Eduardo Duhalde
280:
274:
259:
230:
210:Argentine pesos
163:
124:Domingo Cavallo
107:
83:
79:
73:
69:
65:
59:
53:
49:
45:
41:
33:
24:
17:
12:
11:
5:
554:
544:
543:
538:
533:
519:
518:
517:
516:
510:
500:
499:
487:
468:
449:
430:
411:
404:
380:
379:
377:
374:
373:
372:
367:
362:
357:
352:
345:
344:
330:
314:
311:
276:Main article:
273:
269:Transition to
267:
258:
255:
229:
226:
206:banking system
199:capital flight
187:Argentine peso
162:
159:
99:
98:
90:
89:
47:Argentine peso
37:
36:
15:
9:
6:
4:
3:
2:
553:
542:
539:
537:
534:
532:
529:
528:
526:
514:
511:
509:
506:
505:
504:
503:
496:
491:
485:
481:
477:
472:
465:
461:
458:
453:
446:
442:
439:
434:
427:
423:
420:
415:
407:
401:
397:
396:Twelve nights
393:
385:
381:
371:
368:
366:
363:
361:
358:
356:
353:
350:
347:
346:
342:
331:
328:
317:
310:
308:
303:
300:
295:
293:
289:
285:
279:
272:
266:
264:
257:Role of banks
254:
252:
248:
247:violent riots
244:
234:
225:
223:
219:
215:
211:
207:
202:
200:
196:
192:
188:
184:
180:
179:exchange rate
176:
172:
168:
158:
156:
152:
148:
144:
140:
136:
131:
129:
125:
122:
118:
113:
105:
96:
92:
91:
88:
86:
82:
78:
77:
72:
68:
64:
63:
58:
57:
52:
48:
44:
39:
38:
35:
30:
29:
26:
22:
490:
471:
452:
433:
414:
395:
391:
384:
349:Plano Collor
341:Money portal
327:Banks portal
304:
298:
296:
291:
290:was renamed
287:
281:
270:
262:
260:
250:
239:
214:credit cards
203:
183:U. S. dollar
164:
155:Antonio Laje
146:
138:
132:
103:
102:
74:
60:
55:
54:
40:
25:
392:Doce noches
218:debit cards
195:devaluation
177:), and the
525:Categories
376:References
355:Cacerolazo
307:Scotiabank
169:: heavily
143:diminutive
71:2001 riots
67:Cacerolazo
508:El Correo
299:corralito
288:corralito
263:corralito
251:corralito
175:recession
139:corralito
117:Argentina
104:Corralito
56:Corralito
515:BBC News
480:Archived
460:Archived
441:Archived
422:Archived
360:Corralón
313:See also
292:corralón
278:Corralón
271:corralón
171:indebted
145:form of
128:bank run
62:Corralón
21:Corralón
222:cheques
191:exports
151:playpen
141:is the
135:Spanish
402:
282:After
167:crisis
147:corral
76:Apagón
394:[
137:word
95:edit
400:ISBN
185:per
133:The
201:).
527::
388:*
220:,
216:,
157:.
408:.
106:(
23:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.