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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 ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corralito
Corralito () is 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 US$1 = 1 ARS). Electronic transfers and credit and debit card payments were not disrupted. The Spanish word is the diminutive form of , 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 journalist . Background and initial measures In 2001, Argentina was in the midst of an economic crisis: heavily indebted, with an economy in complete stagnation (an almost three-year-long recession), and the exchange rate fixed at one U. S. dollar per Argentine peso by law, which made exports uncompetitive and effectively deprived the state of having an indep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentina
Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourth-largest country in the Americas, and the List of countries and dependencies by area, eighth-largest country in the world. Argentina 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 Federation, federal state subdivided into twenty-three Provinces of Argentina, provinces, and one autonomous city, which is the federal capital and List of cities in Argentina by population, largest city of the nation, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a Federalism, federal system. Argentina claims sovereignty ov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eduardo Duhalde
Eduardo Alberto Duhalde (; born 5 October 1941) is an Argentina, Argentine former peronist politician who served as the interim President of Argentina from January 2002 to May 2003. He also served as Vice President of Argentina, 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 in Argentina, December 2001 riots, and Congress appointed the governor of San Luis Province Adolfo Rodríguez Saá as president. When Rodríguez Saá also resigne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many Client (business), clients withdraw their money from a bank, because they believe Bank failure, the bank may fail 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, insolvency, insolvent. 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 bank may acquire more cash from other banks or from the central bank, or limit the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duhalde23012007
The Basque surname Duhalde can refer to: * Alfredo Duhalde (1898–1985), ex-provisional Chilean president * Eduardo Duhalde (born 1941), Argentine president * Hilda de Duhalde (born 1946), Argentine Senator * Jean-Baptiste Du Halde Jean-Baptiste Du Halde (, Pinyin: ''Dù Hèdé''; 1 February 1674 – 18 August 1743) was a French Jesuit historian specializing in China. He did not travel to China, but collected seventeen Jesuit missionaries' reports and provided an encyclop ... (1674–1743), French jesuit, specialized in Chinese history * Margot Duhalde (1920–2018), Chilean pilot {{surname Basque-language surnames ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond (finance)
In finance, a bond is a type of Security (finance), security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the Maturity (finance), maturity date and interest (called the coupon (bond), coupon) over a specified amount of time.) The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. 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 Share capital, stocks are both Security (finance), securities, but the major difference between the two is that (capital) stockholders h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buenos Aires Herald
The ''Buenos Aires Herald'' is an English language daily online newspaper. Originally published as a daily newspaper in Buenos Aires, Argentina from 1876 to 2017, its slogans were ''A World of Information in a Few Words'' and ''Unbiased press, a better society''. The online format began on 24 March 2023. History Under the original name of ''The 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, ... [...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, a '' fixed currency'' is one where its value is specified in terms of material goods, another currency, or a set of currencies. The idea of a fixed currency is 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 Japanese yen, the pound sterling, the Australian dollar, and the Swiss franc. However, even with floating currencies, central banks sometimes participate in markets to attempt to influence the value of floating exchange rates. The Canadian dollar has not seen interference by the Canadian nationa ... [...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 capital account, international capital market. For example, a surge in purchases of foreign goods by home country residents will cause a surge in demand for foreig ... [...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 (equivalent to over $ billion in ). The biggest sovereign default is Greece, with $138 billion in March 2012 (equivalent to $ billion in ). 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 meani ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Province Of Buenos Aires
Buenos Aires, officially the Buenos Aires Province, is the largest and most populous Provinces of Argentina, 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 Federalization of Buenos Aires, federalized in 1880. Since then, in spite of bearing the same name, the province does not include Buenos Aires city, 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 Province, Entre Ríos to the northeast, Santa Fe Province, Santa Fe to the north, Córdoba Province, Argentina, Córdoba to the northwest, La Pampa Province, La Pampa to the west, Río Negro Province, 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 bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
