Argentina economy crisis - part III

The macroeconomic consequences of the crisis were severe. Real GDP fell around 11% in 2002, bringing the cumulative decline since 1998 to almost 20%. The unemployment rate soared at nearly 25% and Argentina experienced a total economic meltdown. People were rioting on the streets, until President Eduardo Duhalde finally managed to stabilize the situation. The confirmation of the debt moratorium and announcing the end of the convertibility regime proved as only temporary fix. In 2003, President Néstor Kirchner was elected and still had a crisis cosnequences to deal with. But the economic outlook was completely different then before since the devalued peso made Argentine exports cheap and competitive abroad. Read more about the crisis aftermath here...