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Corralón
Corralón was the informal name for the economic measures taken in Argentina at the beginning of 2002 by President Eduardo Duhalde during a bank run in which deposits and debt in dollars were exchanged to local currency at 1.4 per dollar for deposits and 1.0 for debt (this was also called ''pesificación asimétrica''). Previously, the withdrawal of dollars was limited to $250 per week. After the forced exchanged, people no longer had any dollars on the system and those who had savings in US dollars lost 65% of their deposited value. History Argentina's situation worsened for several months. The ''corralito'' was hardened during the interim rule of President Eduardo Duhalde and turned into a ''corralón'' ("big corral"). The ''corralón'' differed from the ''corralito'' in that most deposits were forcibly exchanged for a series of bonds denominated in pesos. The dollar-denominated accounts were automatically exchanged for pesos and peso bonds at a predetermined rate. The real n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corralito
Corralito () was the informal name for the economic measures taken in Argentina at the end of 2001 by Minister of Economy Domingo Cavallo in order to stop a bank run which implicated a limit of cash withdrawals of 250 ARS per week (at that time 1 USD = 1 ARS). Electronic transfers and credit and debit card payments were not disrupted. The Spanish word ''corralito'' is the diminutive form of ''corral'', which means "corral, animal pen, enclosure"; the diminutive is used in the sense of "small enclosure" and in Argentina also "a child's playpen". This expressive name alludes to the restrictions imposed by the measure. The term was coined by the journalist Antonio Laje. Background and initial measures In 2001, Argentina was in the midst of a crisis: heavily indebted, with an economy in complete stagnation (an almost three-year-long recession), and the exchange rate was fixed at one U. S. dollar per Argentine peso by law, which made exports uncompetitive and effectively d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentina
Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, the fourth-largest country in the Americas, and the eighth-largest country in the world. It shares the bulk of the Southern Cone with Chile to the west, and is also bordered by Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and the South Atlantic Ocean to the east, and the Drake Passage to the south. Argentina is a federal state subdivided into twenty-three provinces, and one autonomous city, which is the federal capital and largest city of the nation, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system. Argentina claims sovereignty over the Falkland Islands, South Georgia and the South Sandwich Islands, and a part of Antarctica. The earliest recorded human presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eduardo Duhalde
Eduardo Alberto Duhalde (; born 5 October 1941) is an Argentine Peronist politician who served as the interim President of Argentina from January 2002 to May 2003. He also served as Vice President and Governor of Buenos Aires in the 1990s. Born in Lomas de Zamora, he was elected for the local legislature and appointed ''intendente'' (mayor) in 1973. He was deposed during the 1976 Argentine coup d'état, and elected again when democracy was restored in 1983. He was elected vice-president of Argentina in 1989, under President Carlos Menem. Duhalde resigned as vice president and was elected Governor of Buenos Aires Province in 1991, and re-elected in 1995. He ran for president in 1999, being defeated by Fernando de la Rúa. De la Rúa resigned during the December 2001 riots, and Congress appointed the governor of San Luis Province Adolfo Rodríguez Saá as president. When Rodríguez Saá also resigned, Congress appointed Duhalde. During Duhalde's term in office, a huge curren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duhalde23012007
The Basque surname Duhalde can refer to: * Alfredo Duhalde, ex-provisional Chilean president * Eduardo Duhalde, Argentine president * Hilda de Duhalde, Argentine Senator * Jean-Baptiste Du Halde * Margot Duhalde Margot Duhalde Sotomayor (12 December 1920 – 5 February 2018) was a Chilean pilot who served with the Air Transport Auxiliary in World War II. She was Chile's first female military pilot and first female air traffic controller, and the last li ... (1920-2018), Chilean pilot Basque-language surnames {{BasqueCountry-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond (finance)
In finance, a bond is a type of security under which the issuer ( debtor) owes the holder ( creditor) a debt, and is obliged – depending on the terms – to repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buenos Aires Herald
The ''Buenos Aires Herald'' was an English language daily newspaper published in Buenos Aires, Argentina from 1876 to 2017. Its slogan was ''A World of Information in a few words''. History Under the original name of ''The Buenos Ayres Herald'', it was founded on 15 September 1876 by Scottish immigrant William Cathcart. At first it consisted of a single sheet with advertising on the front and mostly shipping coverage on the back. When Cathcart sold the paper a year later, it changed from a weekly to a daily format, focusing on more typical newspaper content, but always with a large shipping section. It quickly became the main source of local information for the English-speaking population of Buenos Aires. In 1925 the Rugeroni brothers, Junius Julius and Claude Ronald, bought the paper. The Evening Post Publishing Company from Charleston, South Carolina, United States, purchased a controlling interest in Junius Rugeroni's holdings in 1968. During the military dictatorship in A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floating Exchange Rate
In macroeconomics and economic policy, a floating exchange rate (also known as a fluctuating or flexible exchange rate) is a type of exchange rate regime in which a currency's value is allowed to fluctuate in response to foreign exchange market events. A currency that uses a floating exchange rate is known as a ''floating currency'', in contrast to a ''fixed currency'', the value of which is instead specified in terms of material goods, another currency, or a set of currencies (the idea of the last being to reduce currency fluctuations). In the modern world, most of the world's currencies are floating, and include the most widely traded currencies: the United States dollar, the euro, the Swiss franc, the Indian rupee, the pound sterling, the Japanese yen, and the Australian dollar. However, even with floating currencies, central banks often participate in markets to attempt to influence the value of floating exchange rates. The Canadian dollar most closely resembles a pure ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation (currency)
Currency depreciation is the loss of value of a country's currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system in which no official currency value is maintained. Currency appreciation in the same context is an increase in the value of the currency. Short-term changes in the value of a currency are reflected in changes in the exchange rate. There is no optimal value for a currency. High and low values have tradeoffs, along with distributional consequences for different groups. Causes In a floating exchange rate system, a currency's value goes up (or down) if the demand for it goes up more (or less) than the supply does. In the short run this can happen unpredictably for a variety of reasons, including the balance of trade, speculation, or other factors in the international capital market. For example, a surge in purchases of foreign goods by home country residents will cause a surge in demand for foreign currency w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Default (finance)
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt. The biggest private default in history is Lehman Brothers, with over $600 billion when it filed for bankruptcy in 2008. The biggest sovereign default is Greece, with $138 billion in March 2012. Distinction from insolvency, illiquidity and bankruptcy The term "default" should be distinguished from the terms "insolvency", illiquidity and "bankruptcy": * Default: Debtors have been passed behind the payment deadline on a debt whose payment was due. * Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. * Insolvency: A legal term meaning debtors are unable to pay their debts. * Bankruptcy: A legal finding that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Province Of Buenos Aires
Buenos Aires (), officially the Buenos Aires Province (''Provincia de Buenos Aires'' ), is the largest and most populous Argentine province. It takes its name from the city of Buenos Aires, the capital of the country, which used to be part of the province and the province's capital until it was federalized in 1880. Since then, in spite of bearing the same name, the province does not include Buenos Aires proper, though it does include all other parts of the Greater Buenos Aires metropolitan area. The capital of the province is the city of La Plata, founded in 1882. It is bordered by the provinces of Entre Ríos to the northeast, Santa Fe to the north, Córdoba to the northwest, La Pampa to the west, Río Negro to the south and west and the Autonomous City of Buenos Aires to the northeast. Uruguay is just across the Rio de la Plata to the northeast, and both are on the coast of the Atlantic Ocean to the east. Almost the entire province is part of the Pampas geographical region ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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