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Corralito

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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,
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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
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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.
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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.
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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:.

Index

Corralón
1998–2002 Argentine
great depression

Economy of Argentina
Argentine peso
Convertibility plan
Corralito
Corralón
Cacerolazo
2001 riots
Apagón
Economic emergency law
Debt restructuring
edit
[koraˈlito]
Argentina
Minister of Economy
Domingo Cavallo
bank run
Spanish
diminutive
playpen
Antonio Laje
crisis
indebted
recession
exchange rate
U. S. dollar
Argentine peso
exports
devaluation

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