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2002 Uruguay Banking Crisis
The 2002 Uruguay banking crisis was a major banking crisis that hit Uruguay in July 2002. In this, a massive run on banks by depositors (most of them from neighboring Argentina) caused the government to freeze banking operations. The crisis was caused by a considerable contraction in Uruguay's economy and by over-dependence on Argentina (tourism, and construction boom), which experienced a strong phase of an economic meltdown itself in late 2001. In total, approximately 1/3 of the country's deposits were withdrawn and five financial institutions were left insolvent. The value of the Uruguayan peso fell, losing nearly half of its value against the U.S. dollar in 2002. Had there been proper bank regulation by Uruguayan authorities, the banking crisis could have been avoided entirely. The Central Bank of Uruguay (BCU) had trusted international banks to regulate themselves properly and was too lenient and slow in responding to the crisis. Banco Comercial del Uruguay In 1990, Chemica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uruguay
Uruguay, officially the Oriental Republic of Uruguay, is a country in South America. It shares borders with Argentina to its west and southwest and Brazil to its north and northeast, while bordering the Río de la Plata to the south and the Atlantic Ocean to the southeast. It is part of the Southern Cone region of South America. Uruguay covers an area of approximately . It has a population of almost 3.5 million people, of whom nearly 2 million live in Montevideo metropolitan area, the metropolitan area of its capital and List of cities in Uruguay, largest city, Montevideo. The area that became Uruguay was first inhabited by groups of hunter gatherer, hunter gatherers 13,000 years ago. The first European explorer to reach the region was Juan Díaz de Solís in 1516, but the area was colonized later than its neighbors. At the time of Spanish colonization of the Americas, European arrival, the Charrúa were the predominant tribe, alongside other groups such as the Guaraní people ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jorge Batlle
Jorge Luis Batlle Ibáñez (; ''Batlle'' locally or ; 25 October 1927 – 24 October 2016) was a Uruguayan politician and lawyer, who served as the 38th president of Uruguay from 2000 to 2005. A member of the Colorado Party (Uruguay), Colorado Party, he previously served as Chamber of Representatives of Uruguay, National Representative from 1959 to 1967, and as Senate of Uruguay, Senator of the Republic from 1985 to 1990 and from 1990 to 1999. The eldest son of the 30th president Luis Batlle Berres and a member of the Batlle family, he was the fourth member of the family to serve as president of the country. He graduated from the University of the Republic (Uruguay), University of the Republic in 1959 with a law degree, and then began a career as a journalist in El Día (Uruguay), ''El Día'' newspaper. He began his political career in the 1950s, being elected Chamber of Representatives of Uruguay, National Representative in the 1958 Uruguayan general election, 1958 general elec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Uruguay
The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century. 90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo. After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, stemming largely from the spillover effects of the economic problems of its large neighbors; Argentina and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Banker
''The Banker'' is an English-language monthly international financial affairs publication owned by '' The Financial Times'' and edited in London, United Kingdom. The magazine was first published in January 1926 through founding editor Brendan Bracken of the ''Financial News'', who went on to become the chairman of the ''Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...'' from 1945 to 1958. Since its founding, the magazine has claimed a dedication to the international perspective through features, interviews, multi-media applications, and events. ''The Banker'' is read in over 120 countries. It combines in-depth regional and country coverage with reports on global financial markets, regulation and policy, cash management and securities services, commodities and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin American Debt Crisis
The Latin American debt crisis (; ) was a financial crisis that originated in the early 1980s (and for some countries starting in the 1970s), often known as '' La Década Perdida'' (The Lost Decade), when Latin American countries reached a point where their foreign debt exceeded their earning power, and they could not repay it. The IMF's response to the crisis has been criticized for prolonging unsustainable borrowing and transferring private banking losses onto taxpayers, which deepened the region’s debt overhang and delayed necessary market corrections. Origins In the 1960s and 1970s, many Latin American countries, notably Brazil, Argentina, and Mexico, borrowed huge sums of money from international creditors for industrialization, especially infrastructure programs. These countries had soaring economies at the time, so the creditors were happy to provide loans. Initially, developing countries typically garnered loans through public routes like the World Bank. After 1973, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South American Economic Crisis Of 2002
The South American economic crisis is the economic disturbances which have developed in 2002 in the South American countries of Argentina, Brazil and Uruguay. The Argentinian economy was suffering from sustained deficit spending and an extremely high debt overhang, and one of its attempted reforms included fixing its exchange rates to the US dollar. When Brazil, as its largest neighbor and trading partner, devalued its own currency in 1999, the Argentinian peg to the US dollar prevented it from matching any of that devaluation, leaving its tradeable goods to be less competitive with Brazilian exports. Along with a trade imbalance and balance of payment problem, the need for credit to finance its budget deficits made Argentina's economy vulnerable to economic crisis and instability. In 1999, the economy of Argentina shrank by 3.4%. GDP continued to decline: 0.8% in 2000, 4.4% in 2001, and 10.9% in 2002. One year before, in Brazil, low water level in hydroelectric plants, combin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federico Lemos
Federico (; ) is a given name and surname. It is a form of Frederick, most commonly found in Spanish, Portuguese and Italian. People with the given name Federico Arts and language * Federico Ágreda, Venezuelan composer and DJ * Federico Aguilar Alcuaz, renowned Filipino painter * Federico Andahazi, Argentine writer and psychologist * Federico Aubele, Argentine singer-songwriter * Federico Ayos, Argentine actor * Federico Canessi (1905–1977), Mexican sculptor, muralist * Federico Casagrande, Italian jazz guitarist * Federico Castelluccio, Italian-American actor who is most famous for his role as Furio Giunta on the HBO TV series, The Sopranos * Federico Cesari, Italian actor * Federico Cortese, Italian conductor, Music Director of the Boston Youth Symphony Orchestras and the Harvard Radcliffe Orchestra * Federico D'Elía, Argentine actor * Federico Elizalde, Filipino marksman and musician * Federico Falco, Argentine writer * Federico Fellini, Italian film-maker ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Entre El Cielo Y El Infierno
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Entre or Entré may refer to: * ''Entré'' (Matz Bladhs album), 2009 * by , 2013 *Entre ( ), character type in the 2011 Japanese anime ''C'' (TV series) See also *Entrée (other) In French cuisine, an ''entrée'' is a prelude to a larger course within a single meal. Entrée may also refer to: * In English or French language, can describe the act or manner of entering; freedom of entry or access * A North American synonym ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alejandro Atchugarry
Alejandro Víctor Washington Atchugarry Bonomi (31 July 1952 in Montevideo – 19 February 2017 in Montevideo) was a Uruguayan lawyer and politician. He was Minister of Economics and Finance during the most difficult period in Jorge Batlle's presidency, the 2002 Uruguay banking crisis, with a widely acknowledged role in the solution of Uruguay's worst economic moment in a century. Atchugarry died of an aneurysm in Montevideo on 19 February 2017, aged 64. Bibliography *Documentary * '' Jorge Batlle: entre el cielo y ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
