"Bravery" via Oriental Outpost
~ ~ ~
“The bravest are surely those who have the clearest vision of what is before them, glory and danger alike, and yet notwithstanding, go out to meet it.” -- Thucydides
~ ~ ~
Argentine economic crisis (1999–2002)
Argentina was subject to military dictatorship (alternating with weak, short-lived democratic governments) for many years, that resulted in a number of significant economic problems. During the National Reorganization Process (1976-1983) huge debt was acquired for money that was later lost in different unfinished projects, the Falklands War, and the state's takeover of private debts; in this period, a neoliberal economic platform was introduced. By the end of the military government the country's industries were severely affected and unemployment, calculated at 18% (though official figures claimed 5%), was at its highest point since the depression.
In 1983, democracy in the country was restored with the election of president Raúl Alfonsín. The new government's plans included stabilizing Argentina's economy including the creation of a new currency (the Austral, first of its kind not to carry the word peso as part of its name), for which new loans were required. The state eventually became unable to pay the interest of this debt and confidence in the Austral collapsed. Inflation, which had been held to 10 to 20% a month, spiraled out of control. In July 1989, Argentina's inflation reached 200% that month alone, topping 5,000% for the year. -- The rest, as they say, is history. Read it at Wikipedia.
~ ~ ~
Related: 24 Days
0 comments:
Post a Comment