|
1989 Hyperinflation In Argentina
Argentina had a severe hyperinflation in 1989, the final year of the presidency of Raúl Alfonsín, who resigned because of it. Carlos Menem, president-elect at the time, took office earlier as a result. Hyperinflation continued during 1990, and ended with the convertibility plan. Both years the inflation rate was above 2600%. Development Raúl Alfonsín lost the 1987 Argentine legislative election and, unable to regain public support, started the Spring plan in 1988 to stop the growing inflation before the 1989 Argentine general election. The government negotiated price controls with the Argentine Industrial Union and a rise in taxes. The foreign exchange market was split into a commercial and a financial market. The commercial market would be used for the exports from the primary sector of the economy and the financial one for the exports from the Secondary sector of the economy, secondary sector. However, the net exports of the primary sector diminished as a result of a drought ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Exchange Reserves
Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold and silver held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more reserve currencies, nowadays mostly the United States dollar and to a lesser extent the euro. Foreign exchange reserves assets can comprise banknotes, bank deposits, and government securities of the reserve currency, such as bonds and treasury bills. Some countries hold a part of their reserves in gold, and special drawing rights are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the "holdings" of the foreign country are tagged or otherwise identified as belonging to the other country without them ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation In Argentina
The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina has a human Development Index classified as "very high" by the United Nations, with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Argentina benefits from rich natural resources. However, its economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century. Income maldistribution and poverty have increased since this period. Early in the twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia and had surpassed both France and Italy. Argentina's currency declined by about 50% in 2018 from 18 to 20 Argentine pesos, to more than 38 Argentine pesos per U.S. Dollar. As of that year, it is under a stand-by program from the International Monetary Fund. In 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Argentina
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox". As a country, it had achieved advanced development in the early 20th century but experienced a reversal relative to other developed economies, which inspired an enormous wealth of literature and diverse analysis on the causes of this relative decline. Since independence from Spain in 1816, the country has defaulted on its debt nine times. Inflation has often risen to the double digits, even as high as 5,000%, resulting in several large currency devaluations. Argentina possesses definite comparative advantages in agriculture because the country is endowed with a vast amount of highly fertile land. Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth. During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income. By 1913, Argentina was among the world's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presidency Of Raúl Alfonsín
Raúl Alfonsín was the president of Argentina from 1983 to 1989. New beginning ] Chief among Alfonsín's inherited problems was an economic depression stemming from the 1981-82 financial collapse and its resulting US$43 billion foreign debt, with interest payments that swallowed all of Argentina's US$3 billion trade surplus. The economy recovered modestly in 1983 as a result of Bignone's lifting of wage freezes and crushing interest rates imposed by the Central Bank's "Circular 1050;" but inflation raged at 400%, GDP per capita remained at its lowest level since 1968 and fixed investment was 40% lower than in 1980.''Statistical Abstract of Latin America''. UCLA Press, Los Angeles. Naming a generally center-left cabinet led by Foreign Minister Dante Caputo and Economy Minister Bernardo Grinspun (his campaign manager), Alfonsín began his administration with high approval ratings and with the fulfillment of campaign promises such as a nutritional assistance program for the 27% of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998–2002 Argentine Great Depression
The 1998–2002 Argentine great depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of Economic history of Argentina#Stagnation (1975–1990), stagnation and a brief period of Economic history of Argentina#Free-market reforms (1990–1995), free-market reforms. The depression, which began after the 1998 Russian financial crisis, Russian and Samba effect, Brazilian financial crises, caused widespread unemployment, December 2001 riots in Argentina, riots, the fall of the government, a Sovereign default, default on the country's foreign debt, the rise of alternative currencies and the end of the Argentine peso, peso's fixed exchange rate to the United States dollar, US dollar. The economy shrank by 28 per cent from 1998 to 2002. In terms of income, over 50 per cent of Argentines lived below the official poverty line and 25 per cent were indigent (their basic needs were unm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rodrigazo
''Rodrigazo'' is the name given to a group of economic policies announced in Argentina on June 4, 1975 and the riots that ensued thereafter. The name is from the fact that the policies were announced and implemented by Celestino Rodrigo, the Minister of Economy of Argentina appointed by President Isabel Perón in May 1975. The Rodrigazo fractured the prime bulwark of Peronist support, labor unions, and is held to have helped lead to Isabel Perón's downfall less than a year later. Summary * A 150% devaluation of currency for the commercial exchange rate. * A 100% increase in utility and transportation prices. * A 180% rise in the price of fuel. * A 45% increase in wages. Aftermath Afterward, the real wage (the purchasing power of the wage) fell, as prices overall doubled between May and August alone and continued to fall until well into 1979. The crisis had political consequences, but not all were negative. Blindsided by the draconian measure, the normally supportive CGT (the l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentina Presidential Transition
Argentina has faced several presidential transitions since the return of democracy in 1983. Reynaldo Bignone, the last military dictator of the National Reorganization Process, gave the presidential sash and staff to the elected president Raúl Alfonsín on December 10, 1983. The ceremony took place at the Casa Rosada. A big economic crisis caused by an hyperinflation forces Alfonsín to resign during the transition. Carlos Menem, who was scheduled to take office on December 10, 1989, does so on July 8. The ceremony took place in the Casa Rosada. Menem was reelected in 1995, and only made the oath of office at the Congress, already wearing the sash and staff. Fernando de la Rúa became president in 1999. He made the oath of office in the Congress, and then moved to the Casa Rosada, where Menem gave him the sash and the staff. De la Rúa resigned in 2001, two years before ending his term, amid a huge economic crisis. The Congress appointed Adolfo Rodríguez Saá, and then Eduardo D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1989 Riots In Argentina
The 1989 riots were a series of riots and related episodes of looting in stores and supermarkets in Argentina, during the last part of the presidency of Raúl Alfonsin, between May and June 1989. The riots were caused by the rampant hyperinflation and food shortage, and were associated with legal protests and demonstrations. The first riots started in Rosario, the third-largest city in the country, when people demanded supermarkets to give away food; they quickly spread to other cities, especially in Greater Buenos Aires. The national government established a state of emergency. More than 40 people were arrested, and there were 14 dead (20 according to unofficial reports). Eventually President Alfonsín resigned, and president elect Carlos Menem took office six months in advance, in July. Build-up In August 1988, the Alfonsín government launched a new economic plan, called ''Plan Primavera'', intended to contain inflation. It included price controls, negotiated with 53 leadin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eduardo Angeloz
Eduardo César Angeloz (October 18, 1931 – August 23, 2017) was an Argentine politician. He was a presidential candidate and Governor of Córdoba from 1983 to 1995. Angeloz was born in Río Tercero, Córdoba, and received a law degree from the Universidad Nacional de Córdoba. He married Martha Marín, and the couple had two sons, Eduardo and Carlos, and a daughter, María Marta. In 1953 Angeloz received his first Radical Civic Union Party mandate as President of the Youth Board in the city of Córdoba. In 1955 was appointed President of the Provincial Youth Board and President of the city Party in 1963. The same year Angeloz was also elected as Provincial Senator, and became the UCR whip in the house. From 1972 to 1982 he served as President of the Party Provincial Board. In 1973 Angeloz was elected a national Senator. In 1976, after the coup d'état, he held a position in the Organization of American States In 1983 he was elected the 54th Governor of Córdoba for the 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jesús Rodríguez (Argentine Politician)
Jesus Rodríguez (b. June 16, 1955) is a politician from Argentina, from the Radical Civic Union (''Unión Cívica Radical'', UCR). Biography Jesús Rodríguez was born in Quilmes. He was elected to the Chamber of Deputies at the age of 28 for the 1983-1987 period. He was reelected for the 1987-1991 period, and elected again for 1993-1997. He was also elected for the 1994 amendment of the Constitution of Argentina. He was appointed minister of economy of Raúl Alfonsín in 1989, amid a hyperinflation crisis, and stayed until the end of Alfonsín term. As the leading opposition party, the UCR selected him to lead the Auditoría General de la Nación (AGN) in 2020 and up to 2023, during the presidency of Peronist Alberto Fernández. Although both the UCR and Republican Proposal (''Propuesta Republicana'', PR) have 60 legislators each, the UCR prevailed because the PR had legislators who were elected under other tickets. The AGN made a report in 2023 against a IMF credit taken b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Juan Carlos Pugliese
Juan Carlos Pugliese (1915–1994) was an Argentine politician. He served as minister of interior and minister of economy during the presidency of Raúl Alfonsín Raúl Ricardo Alfonsín (; 12 March 1927 – 31 March 2009) was an Argentine lawyer and statesman who served as President of Argentina from 10 December 1983 to 8 July 1989. He was the first democratically elected president after the 7-yea .... References , - , - , - Argentine people of Italian descent Ministers of internal affairs of A ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
