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Crisis In Argentina Essay

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Below is an essay on "Crisis In Argentina" from Anti Essays, your source for research papers, essays, and term paper examples.

Between 1998 and 2001, Argentina was experiencing a severe recession and multiple attempts to restore growth by the government had failed, resulting in a lack of confidence in both the government and economy.   After the economic reform and convertibility plan of the early 90’s and a successful, stable 20 year economic period, Argentina’s economy was starting to show signs of weakness.   The government’s failure to calm the economy caused foreign investment to dry up and interest rates to sky rocket.   The government, in a last ditch effort to gain control of the economy, froze deposits (known as the “corralito”), bank accounts which limited the amount of cash you could withdraw from banks.   Decisions such as “corralito” caused social unrest and uncertainty in Argentina.   The public felt as though there personal property was being confiscated.   After just four days of this decision, the IMF stepped in and decided that Argentina had failed to control its public deficit and stopped the monetary flow into the country.   As a result, Argentina was on the verge of defaulting on $141 billion in foreign debt, the largest national default in history.
    Argentina responded with outrage in decisions made by the government to cut future spending.   Buildings were burned, looting took place, and 22 people died.   President DeLa Rua and his cabinet resigned after failing to calm the public’s restlessness.   Argentina was spiraling out of control, both socially and economically, and was searching for answers to calm the country.
    In late 1999, De La Rua, leader of the opposition center-left coalition (La Alianza) won the presidential election, defeating Peronist anti-market candidate Duhalde.   De La Rua believed that fiscal mismanagement was the key to Argentina’s economic problems and based his campaign along these beliefs.   De La Rua’s platform consisted of revitalizing the economy within the pro-market economic models of the 90’s and ending corruption.   Economic policies...

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"Crisis In Argentina". Anti Essays. 19 Dec. 2018


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Crisis In Argentina. Anti Essays. Retrieved December 19, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Crisis-In-Argentina-168722.html

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