9/16/2011

Argentina economy crisis - part II

Following advice from the IMF, political decisions lead to a law which restored the peso instead of austral, keeping the value fixed at one dollar equaling one peso and both currencies easily convertible. The convertibility law resulted with a sharp drop in inflation, restored price stability and preserved the value of the national currency. During the 1990's Argentina economic boom was considered a great success. But in 2001, the Argentina was no longer able to meet the debt payments. The government declared a default on the larger part of the public debt, in total of more than $132 billion. People began to fear the worst and started withdrawing large amounts of money from their bank accounts, simultaneously turning pesos into dollars. Most of the money was sent abroad, while many more bank runs took place in homeland. Read more about the Argentina economic crisis...








1 komentar:

  1. Analysts Predict: Your Financial Savings Will Be Gone In 12 Months

    BREAKING NEWS: Analyst predicts the fall of the US Dollar within 12 months

    Let’s face it.

    The US is no longer the power house and it once was.

    We already have more problems than we can handle across the border.

    Not to mention the unemployment rates rising.

    Now all these things are NOTHING to what’s going to come next.

    You see the US Dollar itself is going to collapse.

    >>[Watch This Video To Learn More]<<

    The downtrend has been clear since 1973.

    Now we’re on the verge of total financial meltdown.

    And the worst thing is…

    We cannot stop or avoid it this time.

    >>[Watch This Video To Learn More]<<

    Make sure you watch that video before it’s taken down by the government.

    This is serious stuff and you need to share it with your friends and family if you truly care about their safety.

    Speak soon.

    [Mr Mark Fidelman]

    OdgovoriIzbriši