Argentine Economic Crisis
The Argentine economic crisis (1999–2002) was a major downturn in Argentina's economy. It began in 1999 with a decrease of real Gross Domestic Product (GDP). The crisis caused the fall of the government, default on the country's foreign debt, widespread unemployment, riots, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar.
By 2002 GDP growth had returned, surprising economists and the business media. As of 2012, the default had not been completely resolved, although the government had repaid its IMF loans in full.
Read more about Argentine Economic Crisis: Origins, 1990s, Rates, Riots, Resignations and Default, End of Fixed Exchange Rate, Recovery, Cooperatives, Effects On Wealth Distribution, Debt Restructuring, Criticism of The IMF, Films
Famous quotes containing the words economic and/or crisis:
“But I would emphasize again that social and economic solutions, as such, will not avail to satisfy the aspirations of the people unless they conform with the traditions of our race, deeply grooved in their sentiments through a century and a half of struggle for ideals of life that are rooted in religion and fed from purely spiritual springs.”
—Herbert Hoover (1874–1964)
“In crisis is cleverness born.”
—Chinese proverb.