Argentina economy crisis video

This great documentary is formed on the framework of a global crisis of democracy. It takes us across a country stunned by the economic crisis, undergoing a great deal of social changes since the popular strikes of December 2001. Together with the well known philosopher of Argentina, Tomas Abraham, the courageous and enduring Mothers of Plaza de Mayo, the self-employed workers of Zanon, the biggest occupied factory in the country, and many other citizens, observe the expectations they have for Argentina in the years to come.

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...

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...

Argentina economy crisis - part I

Just ten years ago, Argentina shook the world with a national debt default after which an unprecedented economic crisis followed. In the period from 1976 until 1983 the National Reorganization Process occurred and amassing a huge national debt took place. The money gathered on the international markets was spent in numerous dubious projects and the nationalization of private debts. The Falklands War also took a toll on the unstable economy at the time, further increasing the national debt. In 1983, the election of President Raúl Alfonsín restored democracy in the country. His government planned to stabilize economy with the creation of a new currency called the austral. Hoever, the presidents plan had many faults, since the new currency didn’t actually change the poor economical structure. When Argentina became unable to pay the interest of national debt consequently the confidence in the austral currency collapsed. Inflation spiraled out of control reaching in July 1989 levels over 200%. Read more about the Argentina economy crisis...