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...

Cuban missile crisis in 1962 - part III

With the start of the naval blockade of Cuba, the relations between the two superpowers became seriously endangered. Kennedy proclaimed that any missile launched from Cuba would be regarded as an attack on the United States and demanded that the Soviet Union removes all of their offensive weapons from Cuba. Premier Nikita Khrushchev answered in a letter that the quarantine of Cuba constitutes as an act of aggression. Facing nuclear war, secret back-channel diplomacy initiated a proposal to resolve the crisis establishing communication between the two presidents. A deal was made the Soviets would dismantle their missiles and return them to Russia, in exchange for a United States public declaration and agreement never to invade Cuba. The Moscow-Washington hotline is added in the White house and Kremlin after the crisis to improve communication between the two countries and to avoid similar incidents in the future. Read more about the Cuban missile crisis here.