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Topic: Argentine economic crisis of 2002

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	Argentine economic crisis (1999-2002) - Wikipedia, the free encyclopedia
		The Argentine economic crisis was part of the situation that affected Argentina's economy during the late 1990s and early 2000s.
		Macroeconomically speaking, the critical period started with the decrease of real GDP in 1999 and ended in 2002 with the return to GDP growth, but the origins of the collapse of Argentina's economy, and their effects on the population, can be found in action before.
		Monthtly inflation in Argentina, 2002 (the peak is 10.4%, in April).
	en.wikipedia.org /wiki/Argentine_economic_crisis (2756 words)

	Argentine debt restructuring - Medbib.com, the modern encyclopedia (via CobWeb/3.1 planetlab1.netlab.uky.edu) (Site not responding. Last check: 2007-11-05)
		Argentina went through an economic crisis beginning in the mid-1990s, with full recession between 1999 and 2002; though it is debatable whether this crisis has ended, the situation has been more stable, and improving, since 2003.
		The Argentine government kept a firm stance, and finally got a deal by which 76% of the defaulted bonds were exchanged by others, of a much lower nominal value (25–35% of the original) and at longer terms.
		In the June 2005 report by the Ministry of Economy, the total acknowledged debt of the Argentine state amounted to 126,466 million USD, down by 63,464 million from the first semester as a result of the restructuring process; of this, 46% was denominated in dollars, 36% in pesos, and 11% in euros and other currencies.
	www.medbib.com.cob-web.org:8888 /Argentine_debt_restructuring (1652 words)

	Learning from Argentina’s Crisis - FRBSF Economic Letter (10/18/2002)
		This Economic Letter observes that the recent events in Argentina were not entirely unpredictable, as they were associated with rapid increases in public and external debt that cast doubt on the sustainability of borrowing.
		Greater economic stability attracted foreign investment inflows, contributing to an acceleration in economic growth; indeed, even as lenders withdrew their financing in East Asia in 1997, capital inflows continued to Argentina.
		"Crisis Prevention and Resolution: Lessons from Argentina." Speech to National Bureau of Economic Research Conference on "The Argentina Crisis." Cambridge, MA (July 17).
	www.frbsf.org /publications/economics/letter/2002/el2002-31.html (1890 words)

	The Militant - June 3, 2002 -- Argentine workers protest deepening social crisis
		A recent study by the Center for Economic and Policy Research in Washington, D.C., contradicts the claims of IMF officials that "spending by provincial governments was the cause of Argentina's economic crisis," reported the Weekly News Update on the Americas.
		The actions of the Duhalde government, caught between the never-ceasing demands of imperialist banks and governments, and the refusal of workers and farmers to submit meekly to imperialist-foisted austerity measures, have begun to reek of desperation.
		While the economic contagion appears to be under control for the capitalists at the moment, there is little talk of the possibility of a political crisis that could set off a collapse in confidence by imperialist investors.
	www.themilitant.com /2002/6622/662201.html (1996 words)

	Economic Crises (Site not responding. Last check: 2007-11-05)
		The problem with Argentine fixed exchange rate was it caused the peso to increase in value at the same rate as the dollar during the economic boom of the 1990's.
		Argentina's economic crisis affected every level of Argentine society and created an air of uncertainty for the future of Argentina.
		Argentine workers began to withdraw their savings in pesos from banks in exchange for U.S. dollars for fear that rising prices would leave their savings worthless.
	ucatlas.ucsc.edu /sap/Argentina_crisis.php (817 words)

	CCC - Crisis in Argentina
		The political and economic crisis in Argentina, however, is bound to have negative repercussions for U.S. relations with the region.
		Brazilian economists have said that their country's best protection from contagion by the Argentine crisis is for it to persevere with its own recent macroeconomic policies, including inflation targeting and a floating exchange rate.
		Given ongoing street protests in the face of the unpopular economic measures recently adopted by President Duhalde and the depths of the economic crisis, it is not unthinkable that Argentina could have yet another chief executive before the next elections, now scheduled for 2004.
	www.ccc.nps.navy.mil /si/mar02/latinamerica.asp (2264 words)

	Argentine Currency Board - Wikipedia, the free encyclopedia
		The Argentine banking crisis of 1980 underlined this point, as the Central Bank moved to confiscate the deposits of commercial banks to overcome a liquidity crunch.
		The first was the Mexican crisis of 1994-1995, resulting in a liquidity crunch that drove interest rates sharply higher, stalling growth and spurring unemployment.
		The Brazilian crisis of 1999 probably had the most severe effect, because Brazil is Argentina's largest trading partner, and the crisis was coupled with an appreciating U.S. dollar and a slump in the world prices of primary products.
	en.wikipedia.org /wiki/Argentine_Currency_Board (2098 words)

	Argentina's Currency Crisis: Lessons for Asia - FRBSF Economic Letter (08/16/2002)
		This Economic Letter is based on a presentation Mark Spiegel prepared for a panel on "Optimal Currency Arrangements for Emerging Market Economies: The Experience of Latin America and Asia," organized by the Latin American and Asian Economics and Business Association on July 15, 2002, in Tokyo, Japan.
		Argentina maintained a currency board regime from April 1, 1991, through January 6, 2002, under which the Argentine peso was pegged one for one to the U.S. dollar.
		Nevertheless, the collapse of the Argentine regime demonstrates the ease of circumventing the rules of an exchange rate regime.
	www.frbsf.org /publications/economics/letter/2002/el2002-25.html (2060 words)

	G-7 backs economic crisis plan / Argentine officials press IMF for emergency aid (Site not responding. Last check: 2007-11-05)
		The plan's disclosure came as one of the IMF's most embarrassing failures, the Argentine crisis, appeared to be reaching a new and dangerous impasse.
		Argentine Economy Minister Jorge Remes Lenicov was quoted in Argentine newspapers as saying that the bank closures could end as early as Wednesday, after the nation's Congress approves legislation protecting the banking system from a potentially disastrous run.
		But the bank closures and the new law risk a renewed backlash among Argentines who are furious about the devastating impact on the economy and the banking system of the government's default and currency devaluation in January.
	www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2002/04/21/MN45916.DTL (669 words)

	Asia Times: Asian Crisis
		In a sign of returning economic health, the South Korean economy is projected to reach 4.8 percent growth this year.
		Most of the losses sustained by the banks occurred during the 1997 economic meltdown in East Asia, when the value of currencies in the region crashed and triggered a massive withdrawal of capital that led to economic and social problems.
		ADB figures show that NPLs have been falling in the five countries hit most by the 1997 crisis, dropping from 49.2 percent in December 1998 to 14.7 percent in September 2001 for Indonesia, 13.6 percent to 11.7 percent in Malaysia and from 45 percent to 12.9 percent in Thailand.
	www.atimes.com /asia-crisis/DD30Db01.html (1080 words)

	La Crisis de Argentina (Site not responding. Last check: 2007-11-05)
		The lessons from the 1994-95 Mexican peso crisis are examined from the perspective of creditors and their markets, countries that are recipients of large capital inflows, and the functioning of the international system as a whole.
		The stability of an economic policy regime depends in large measure on either its successful authoritarian imposition or on the general acceptance by society of the distributional status quo of assets and/or income.
		In what many observers termed the first crisis of the twenty-first century, a completely unanticipated attack from a faceless enemy shattered the worlds of countless families as they went about the normal course of their lives.
	www.usembassy-mexico.gov /bbf/bfdossier_Argentina.htm (3933 words)

	classical music - andante - argentine economic crisis forces opera producers to tap into local talent
		Argentine opera producers, prevented by the country's economic and political crisis from importing foreign talent, are increasingly turning to local resources to maintain a longstanding tradition of numerous and lavish stagings.
		Argentines are now increasingly turning inwards to look for ballet rÃ©gisseurs, singers and opera conductors.
		In recent years, most young Argentine singers had to go overseas — particularly to Europe —; if they wanted to be recognized in their home country.
	www.andante.com /magazine/article.cfm?id=16791 (700 words)

	Argentine President Faces Off With the IMF, printer friendly version
		During 2002 and 2003 the IMF, the World Bank, and other international financial institutions lent new funds to Argentina in hopes of keeping the country from opting out of the international financial system.
		The IMF called Economics Minister Roberto Lavagna to Washington to renegotiate the release of a loan for $8 billion, while the World Bank held up a loan for $5 billion that was scheduled for release on February 11.
		Comprised of the underclass that is suffering the brunt of the country’s 20 percent unemployment rate, they poured into the streets blocking traffic to demand jobs, government assistance for their families, and land to grow their own foodstuffs.
	zmagsite.zmag.org /Apr2004/burbachpr0404.html (930 words)

	Argentine Crisis (Site not responding. Last check: 2007-11-05)
		On 22 February 2002, the Duke Economics Majors Union and the Department of Economics hosted a roundtable discussion on the Argentine crisis, the collapse of Argentina’s economy a decade after adopting a fixed exchange rate to the U.S. dollar.
		The panelists addressed the nature, causes, and lessons of the Argentine crisis as well as expanded on the issue of fixed exchange rates.
		Professor Conway told the story of the crisis with multicolored graphs, emphasizing that "Argentina is a crisis, Africa is a tragedy," and that one set of losers from the crisis is economists ideologically tied to fixed exchange rates.
	www.econ.duke.edu /News/Newslet/spring_02/argentine.html (481 words)

	Financial Crisis in Developing Nations
		By examining the economic crises faced by both Argentina and South Korea, policy-makers are able to predict and ideally prevent future occurrences.
		Government actions leading up to the crisis and policies implemented as a result of the crisis are usually indicators of its severity.
		Societal reaction to a financial crisis may vary, but typically the citizens of a nation in crisis will be affected mentally as well as financially.
	www.providence.edu /polisci/students/economic_crisis/index.html (224 words)

	Local currency
		In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area.
		Local currencies can also come into being when there is economic turmoil involving the national currency.
		An example of this is the Argentine economic crisis of 2002[?] in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.
	www.ebroadcast.com.au /lookup/encyclopedia/lo/Local_currency.html (67 words)

	CNN.com - Argentine president: Expect 'devalued' peso - January 4, 2002
		Until now, the Argentine peso has been tied to the value of the U.S. dollar and Argentina has had the highest standard of living in South America.
		Duhalde, who said he will present his plan for economic reforms to the Argentine parliament soon, said he will seek an alliance between the state and producers, who he said need protection.
		Duhalde also said his first duty is "to guarantee social peace," a clear signal he will not tolerate demonstrations that have degenerated into riots in recent weeks as the economic crisis has worsened.
	archives.cnn.com /2002/WORLD/americas/01/04/argentina.crisis (489 words)

	Argentine economic crisis (via CobWeb/3.1 planetlab1.netlab.uky.edu) (Site not responding. Last check: 2007-11-05)
		The Argentine economic crisis was a situation that affected Argentina's society widely during the late 1990s and early 2000s.
		The plan seemed to be working at first: by 1991, the Argentine peso was equal in monetary value to the United States dollar.
		Argentina's agriculture was also affected: Argentine products were rejected by many other countries, in fear that they might come damaged because of the poor conditions in which they grew, and the USDA put restrictions on Argentine food and drugs arriving at the United States.
	argentine-economic-crisis.iqnaut.net.cob-web.org:8888 (624 words)

	The Real Roots of the Argentine Financial Crisis
		Even under the dollar peg, monetary policy literally was chaotic, with several provinces using their own bonds as legal tender and one province using no less than four types of currencies.
		Argentines have long enjoyed one of Latin America's highest standards of living.
		But Argentines have been painfully slow to recognize that relying on raw materials exports nowadays is a recipe for economic decline, and have made virtually no progress in making higher value products that the world needs or wants.
	americaneconomicalert.org /view_art.asp?Prod_ID=47 (1399 words)

	MarvalNews - Boletín de novedades de Marval, O'Farrell & Mairal (via CobWeb/3.1 planetlab1.netlab.uky.edu) (Site not responding. Last check: 2007-11-05)
		The Arbitral Tribunal appointed in a local arbitration under the ICC Rules of Arbitration rendered its final award on a controversy originated in a lease agreement between a logistics and storage company and a supermarket, whereby the former leased a warehouse to the latter to be constructed.
		The lessor considered that (i) this agreement, although not specifically regulated by any law, summoned up the features of the property lease agreement and the construction agreement, and (ii) by it the lessee had guaranteed a certain recovery of the lessor’s amounts invested to construct the warehouse.
		However, the Arbitral Tribunal allowed the review of the price, but deemed that a complete readjustment to meet the original economic and financial terms of the agreement could not be reached because the Argentine economic crisis had had an impact on both parties.
	www.marval.com.ar.cob-web.org:8888 /english/mnews/mn45/arbitraje.htm (484 words)

	Brazil and the Argentine Crisis
		Thanks to these actions, we managed to absorb the impacts of the Argentine crisis and the speculations that normally occur on such occasions, as was the case with the dollar, whose hike was judiciously contained by the Brazilian Central Bank with systematic interventions in the market.
		There will inevitably be a greater level of economic activity, characterized by government investments, as is always the case during such periods.
		In summary, we are not totally detached from the Argentine crisis.
	www.realtor.org /IntUpdt.nsf/Pages/Brazil_and_Argentine_Crisis (650 words)

	THE ARGENTINE ECONOMIC CRISIS AND DOLLARIZATION. (via CobWeb/3.1 planetlab1.netlab.uky.edu) (Site not responding. Last check: 2007-11-05)
		This paper provides an overview and analysis of the current economic crisis in Argentina.
		The analysis considers the background and history of the crisis, its major components and symptoms, the steps taken to-date by both the Argentine government and the international community to deal with the crisis, and the appropriate strategies to be tried in the future.
		It is argued that in addition to maintaining its nationwide austerity program while simultaneously working closely with the poorer provinces to address the disparate social impact of the economic crisis, Argentina should embark on a dollarization program.
	www.termpaperassistance.com.cob-web.org:8888 /abstracts/15000/15661.html (112 words)

	Communications in Argentina - Medbib.com, the modern encyclopedia (via CobWeb/3.1 planetlab1.netlab.uky.edu) (Site not responding. Last check: 2007-11-05)
		The Argentine telephone system is modern following privatization in the 1990s, and more recently market deregulation.
		The growth of the mobile telephone market since the beginning of the economic recovery has been impressive, with many people now preferring a comparatively cheap cellular phone to a fixed household service.
		In the 1990s the Argentine telephone system (which was formerly property of a state-owned company, ENTEL) was sold to two private corporations looking to invest in the local market: Telefónica, a telco from Spain, and Telecom Argentina, owned by France Télécom.
	www.medbib.com.cob-web.org:8888 /Communications_in_Argentina (760 words)

	Monthly Review April 2002 Joseph Halevi
		The Argentine hyperdeflation is the direct result of attempting to integrate the economy into the international financial capitalist system by permanently enforcing an anti-inflationary and anti-expansionary policy.
		During the summer, the economic minister, Domingo Cavallo—a darling of the IMF who, by the way, was undersecretary of the interior (Federal Police Department) during the bloodthirsty military dictatorship in 1981—set the goal of a zero budget deficit.
		After the Brazilian crisis, the country risk interest rate shot up and kept growing when it became clear that Argentina would not be able to generate even a minimal net flow of funds from its operations with the rest of the world.
	www.monthlyreview.org /0402halevi.htm (3598 words)

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