1998–2002 Argentine great depression

1603:

the 2 percent growth path. Figure 2 shows that between 1974 and 1990, real output per working-age person fell by almost 44 percent compared to the 2 percent growth path, with a decline of almost 25 percent in the first decade. Notice that this economic performance was horrible even ignoring the trend—real output per working-age person fell 23 percent, making the period 1975–90 in Argentina a great depression by any reasonable definition. Over the period 1990–98, except for a brief downturn in 1995 associated with the Tequila Crisis, Argentina boomed, with cumulative growth almost 17 percent more than the 2 percent growth path (37 percent ignoring the trend). Starting in 1998, however, Argentina entered yet another great depression, with real output per working-age person falling by more than 29 percent by 2002, compared to the 2 percent growth path (23 percent ignoring the trend). As noted by the Argentine government in the earlier quotation, the decline was particularly severe in 2001 and 2002.

486:

Argentina's chronic inflation was curtailed dramatically and foreign investment began to pour in, leading to an economic boom. Over time, however, the peso appreciated against the majority of currencies as the U.S. Dollar became increasingly stronger in the second half of the 1990s. A strong peso hurt exports from Argentina and caused a protracted economic downturn that eventually led to the abandonment of the peso-dollar parity in 2002. This change, in turn, caused severe economic and political distress in the country. The unemployment rate rose above 20 per cent and inflation reached a monthly rate of about 20 per cent in April 2002. In contrast, Hong Kong was able to successfully defend its currency board arrangement during the Asian financial crisis, a major stress test for the arrangement. Although there is no clear consensus on the causes of the Argentine crisis, there are at least three factors that are related to the collapse of the currency board system and ensuing economic crisis:

1463:(...) Furthermore, the crisis was not caused by fiscal profligacy: the worsening of the central government's fiscal balance from 1993 to 2002 was not a result of increased government spending (other than interest payments). Rather, there was a decline in government revenue due to the recession, which began in the third quarter of 1998. More importantly, Argentina got stuck in a debt spiral in which higher interest rates increased the debt and the country's risk premium, which led to ever higher interest rates and debt service until its default in December 2001. The interest rate shocks came from outside, starting with the US Federal Reserve's decision to raise short-term rates in February 1994, and on through the Mexican, Asian, Russian, and Brazilian financial crises (1995–1999). 918: 807: 1465:(...)GDP has declined at a record 16.3 percent annual rate in the first quarter of 2002. Unemployment stands at 21.5 percent of the labor force, and real monthly wages have declined by 18 percent over the course of the year. Official poverty and indigence rates have reached record levels: 53% of Argentines now live below the official poverty line, while 25% are indigent (basic needs unmet). Since October 2001, 5.2 million Argentines have fallen below the poverty line, while seven out of ten Argentine children are poor today. 749: 1467:(...)While this is the worst economic crisis in Argentine history, there are a number of reasons to view the economy as poised for a rapid recovery, and one that can take place without external financing. Most importantly, Argentina is running a large current account and trade surplus. Primarily a result of the devaluation, the export sector has vastly expanded as a share of the economy (see below), and is considerably more competitive internationally. 771:; all bank accounts denominated in dollars would be converted to pesos at an official rate. Deposits would be converted at 1.40 ARS per dollar and debt was converted on 1 to 1 basis. The exchange rate spiked as depositors converted their peso deposits back into US dollars. By October 2002, depositors who withdraw lost 50% of their value in dollars. That angered most savings holders and attempts were made to declare it unconstitutional. 994:. The assemblies used to take place in street corners and public spaces, and they generally discussed ways of helping each other in the face of eviction, or organizing around issues such as health care, collective food buying, or food distribution programs. Some created new structures of health care and schooling. Neighborhood assemblies met once a week in a large assembly to discuss issues that affected the larger community. In 2004, 952:. Nevertheless, economic recovery after 2002 was accompanied by significant improvements in income distribution: in 2002, the richest 10% absorbed 40% of all income, compared to 1.1% for the poorest 10% (36 times); but by 2013, the former received 27.6% of income, and the latter, 2% (14 times). That level of inequality compares favorably to levels in most of Latin America and, in recent years, the United States as well. 938:. Argentina continued to grow strongly, however, and GDP jumped 8.8% in 2003, 9.0% in 2004, 9.2% in 2005, 8.5% in 2006 and 8.7% in 2007. Though wages averaged a 17% annual increase from 2002 to 2008, and rising 25% in the year to May 2008, inflation ate away at the increases: 12.5% in 2005; 10% in 2006; nearly 15% in 2007, and over 20% during 2008. The government was accused of manipulating inflation statistics, and 4180: 1368: 1637:

crises in Russia and Brazil which spooked the market. Argentina's crisis ought to have been a shallow one. Instead, a series of spectacular misjudgments ensured that its economy shrank 28pc, the peso fell to a third of its pre-crash value against the dollar, inflation hit 41%, unemployment reached one quarter of the workforce, real wages fell 24pc, and over half of the population fell below the poverty line.

625: 108: 518:

by implementing austerity measures to sustain investor confidence. The De la Rúa administration implemented $ 1.4 billion in cuts in its first weeks in office in late 1999. In June 2000, with unemployment at 14% and projections of 3.5% GDP for the year, austerity was furthered by $ 938 million in spending cuts and $ 2 billion in tax increases.

842: 711:

recession. Critics called the plan merely a "controlled devaluation" but its advocates countered that since controlling a devaluation is perhaps its thorniest issue, that criticism was a praise in disguise. The plan had enthusiastic supporters among mainstream economists (the most well-known being perhaps

703:, that would coexist with convertible pesos and US dollars. It would circulate as cash, or but not in checks, promissory notes, or other instruments, which could be denominated in pesos or dollars. It would be partially guaranteed with federally managed land to counterbalance inflationary tendencies. 500:

While the currency crisis is over, the debt problem has not been completely resolved. The government of Argentina ceased all debt payments in December 2001 in the wake of persistent recession and rising social and political unrest. In 2004, the Argentine government made a 'final' offer amounting to a

1754:

Residential property prices in Argentina have gained an average of 60 percent since 2002, lifted by four straight years of economic growth of more than 8.5 percent, said Armando Pepe, founder of the country's Real Estate Chamber. The central bank predicts growth next year of 7.5 percent. Argentina's

1667:

Argentina's current economic expansion is now more than five and a half years old, and has far exceeded the expectations of most economists and the business media. Despite a record sovereign debt default of $ 100 billion in December 2001 and a financial collapse, the economy began growing just three

1250:

The government reached an agreement in 2005 by which 76% of the defaulted bonds were exchanged for other bonds at a nominal value of 25 to 35% of the original and at longer terms. A second debt restructuring in 2010 brought the percentage of bonds out of default to 93%, but some creditors have still

925:

The currency exchange issue was complicated by two opposing factors: a sharp increase in imports since 2004, which raised the demand for dollars, and the return of foreign investment, which brought fresh currency from abroad, after the successful restructuring of about three-quarters of the external

575:

The crisis intensified when, on 5 December 2001, the IMF refused to release a US$ 1.3 billion tranche of its loan, citing the failure of the Argentine government to reach its budget deficit targets, and it demanded budget cuts, 10% of the federal budget. On 4 December, Argentine bond yields stood at

517:

to provide the country with low-interest access to credit and to guide its economic reforms. When the recession began in 1999, the national deficit widened to 2.5% of GDP, and its external debt surpassed 50% of GDP. Seeing the levels as excessive, the IMF advised the government to balance its budget

3761:

An insider's account, by Guillermo Nielsen, until recently the Secretary of Finance in Argentina, about his tenure there and specifically about the fraught negotiations the country had regarding its debt with the IMF, investment banks and bondholders. It goes into detail about the negotiations, the

1602:

Abstract in 1998–2002, Argentina experienced what the government described as a "great depression" (...) Although it started more slowly than the U.S. Great Depression, the 1975–90 great depression in Argentina lasted longer and resulted in a larger deviation in output from potential as measured by

560:

Cavallo also attempted to curb the budget crisis by instituting an unpopular across-the-board pay cut in July of up to 13% to all civil servants and an equivalent cut to government pension benefits, De la Rúa's seventh austerity round—triggering nationwide strikes, and from August, it paid salaries

1636:

In 1998, Argentina entered what was to become a savage depression. Like Britain, it had previously been a poster boy for free-market capitalism. (…) As in Britain, the crisis of 1998–2002 was predominantly one of debt. It began once credit markets froze – in Argentina's case this followed currency

964:

During the economic collapse, many business owners and foreign investors sent their money overseas. As a result, many small and medium enterprises closed for lack of capital. The majority of their workers, faced with a sudden loss of employment and no source of income, decided to reopen the closed

955:

Living standards recovered significantly after growth resumed in 2003. Even using private inflation estimates, real wages rose by around 72% from their low point, in 2003, to 2013. Argentina's domestic new auto market recovered especially quickly from a low of 83,000 in 2002 (a fifth the levels of

898:

ultimately caused such an inflow of dollars that the government was forced to begin intervening to keep the peso from rising further, which would have adversely affected budget balances by limiting export tax revenues and discouraged further reindustrialisation. The central bank started rebuilding

785:

Since the supply of pesos did not meet the demand for cash (even after the devaluation), complementary currencies kept circulating alongside them. Fears of hyperinflation as a consequence of devaluation quickly eroded their attractiveness. Their acceptability now ultimately depended on the state's

485:

The 2002 crisis of the Argentine peso, however, shows that even a currency board arrangement cannot be completely safe from a possible collapse. When the peso was first linked to the U.S. Dollar at parity in February 1991 under the Convertibility Law, initial economic effects were quite positive:

250:

had ballooned from $ 8 billion to $ 45 billion, interest charges alone exceeded trade surpluses, industrial production had fallen by 20%, real wages had lost 36% of their purchasing power, and unemployment, calculated at 18% (though official figures claimed 5%), was at its highest point since the

710:

already in circulation; their acceptance as a means of payment was quite uneven. It was hoped that convertibility would restore public confidence, and the non-convertible nature of this currency would allow for a measure of fiscal flexibility (unthinkable with pesos) to ameliorate the crippling

348:

Argentina, however, still had external public debt that it needed to roll over. Government spending remained too high, and corruption was rampant. Argentina's public debt grew enormously during the 1990s without showing that it could service the debt. The IMF kept lending money to Argentina and

781:

Inflation and unemployment worsened during 2002. Then, exchange rate had reached nearly 4 pesos per dollar, and the accumulated inflation since the devaluation was about 80%, considerably less than predicted by most orthodox economists. The quality of life of the average Argentine was lowered

797:

fared among the worst, discounted by an average 30% as even the provincial government that had issued them was reluctant to accept them. There were also frequent rumors that the first state would banish complementary currency overnight, leaving their holders with useless printed paper.

501:

75 per cent reduction in the net present value of the debt. Foreign bondholders rejected this offer and asked for an improved offer. In early 2005, bondholders finally agreed to the restructuring, under which they took a cut of about 70 per cent on the value of their bond holdings.

1008:

Although GDP grew consistently and quickly after 2003, it did not reach the levels of 1998, the last year before the crisis, until late 2004. Other macroeconomic indicators followed suit. A study by Equis, an independent counseling organization, found out that two measures of

427:

at times), and the economic measures taken did nothing to avert it. The government continued its predecessor's economic policies. Devaluing the peso by abandoning the exchange peg was considered political suicide and a recipe for economic disaster. By the end of the century,

1298:

In 2005, after turning its primary surplus into an actual surplus, Argentina began paying the IMF on schedule, with the intention of regaining financial independence. On 15 December 2005, following a similar action by Brazil, Kirchner suddenly announced that Argentina would

553:), as Cavallo referred to it, was accepted by most bondholders, and it delayed up to $ 30 billion in payments that would have been due by 2005; but it also added $ 38 billion in interest payments in the out years; of the $ 82 billion in bonds that eventually had to be 281:

Confidence in the plan, however, collapsed in late 1987, and inflation, which had already averaged 10% per month (220% per year) from 1975 to 1988, spiraled out of control. Inflation reached 200% for the month in July 1989, peaking at 5000% for the year. Amid

987:, and the printing press Chilavert. In some cases, former owners sent police to remove workers from the workplaces; that was sometimes successful but in other cases, workers defended occupied workplaces against the state, the police, and the bosses. 3613: 1259:

The IMF accepted no discounts in its part of the Argentine debt. Some payments were refinanced or postponed on agreement. However, IMF authorities at times expressed harsh criticism of the discounts and actively lobbied for the private creditors.

1310:(IEO) stated that the assessment of the Argentine case suffered from manipulation and lack of collaboration on the part of the IMF; the IEO is claimed to have unduly softened its conclusions to avoid criticizing the IMF's board of directors. 850: 198:

loans in full in 2006, but had a long dispute with the 7% of bond-holders left. In April 2016 Argentina came out of the default when the new government decided to repay the country's debt, paying the full amount to the vulture/hedge funds.

414:

was elected in 1999 on a reform platform that nevertheless sought to maintain the peso's parity with the dollar. He inherited a country with high unemployment (15%), lingering recession, and continued high levels of borrowing. In 1999,

277:

During the Alfonsin administration, unemployment did not substantially increase, but real wages fell by almost half to the lowest level in fifty years. Prices for state-run utilities, telephone service, and gas increased substantially.

1267:

on 21 September 2004, Kirchner said, "An urgent, tough, and structural redesign of the International Monetary Fund is needed, to prevent crises and help in solutions." Implicitly referencing the fact that the intent of the original

1216:

The adjacent table shows statistics of poverty in Argentina, in per cent of the population. The first column shows the date of the measurement (note that the method and time changed in 2003; poverty is now measured each semester).

930:

judge ordered Argentina to pay hedge funds the full interest on bonds it had swapped at a discount rate during 2002. If the judgement proceeded, Argentina argued, the country would become insolvent and have a second debt default.

322:. The initial aim of such measures was to ensure the acceptance of domestic currency because after the 1989 and 1990 hyperinflation, Argentines had started to demand payment in US dollars. This regime was later modified by a law ( 1714: 944:

began to turn to private sources instead. The surveying volume prompted the government to increase export tariffs and to pressure retailers into one price freeze after another in a bid to stabilize prices but with little effect.

548:

Standard and Poor's cut the credit rating of the country's bonds to B− in July 2001. Cavallo reacted by offering bondholders a swap: longer-term, higher-interest bonds would be exchanged for bonds due in 2010. The "megaswap"

826:, cardboard collectors. An estimate in 2003 had 30,000 to 40,000 people scavenging the streets for cardboard to sell to recycling plants. Such desperate measures were common because of the unemployment rate, nearly 25%. 521:

GDP growth projections proved to be overly optimistic (instead of growing, real GDP shrank 0.8%), and lagging tax receipts prompted the government to freeze spending and cut retirement benefits again. In early November,

1303:. The debt payments, totaling US$ 9.810 billion, were previously scheduled as instalments until 2008. Argentina paid it with the central bank's foreign currency reserves. The payment was made on 6 January 2006. 926:

debt. The government set up controls and restrictions aimed at keeping short-term speculative investment from destabilising financial markets. The country faced a potential debt crisis in late July 2014, when a

3478: 241:

was introduced. Budget deficits jumped to 15% of GDP as the country went into debt for the state takeover of over $ 15 billion in private debts as well as unfinished projects, higher defense spending, and the

3617: 2414: 4004: 2019: 760:

that had been in place for ten years. In a matter of days, the peso lost a large part of its value in the unregulated market. A provisional "official" exchange rate was set at 1.4 pesos per US dollar.

3313: 1247:

When the default was declared in 2002, foreign investment stopped, and capital flow ceased almost completely and immediately. The government faced severe challenges in trying to refinance its debt.

872:

The economic outlook was completely different from that of the 1990s. The devalued peso made Argentine exports cheap and competitive abroad and discouraged imports. In addition, the high price of

699:

Rodríguez Saá's economic team came up with a scheme designed to preserve the convertibility regime, dubbed the "Third Currency" Plan. It consisted of creating a new, non-convertible currency, the

3085: 274:

in its name. Fresh loans were required to service the $ 5 billion in annual interest charges, however, and when commodity prices collapsed in 1986, the state became unable to service this debt.

2797: 3248: 3215: 1272:

was to encourage economic development, Kirchner warned that the IMF today must "change that direction, which took it from being a lender for development to a creditor demanding privileges."

1621: 2044: 1704: 1461:

But this approach has failed for more than four years, as the economy remains mired in a depression, with a loss of more than 20 percent of GDP since the last business cycle peak in 1998.

2683: 2469: 1772: 1496: 399:

against the dollar. A considerable international revaluation of the dollar directly weakened the peso relative to Argentina's trading partners: Brazil (30% of total trade flows) and the

1846: 1560: 3280: 526:

placed Argentina on a credit watch, and a treasury bill auction required paying 16% interest (up from 9% in July, the second-highest rate of any country in South America at the time.

4151: 3569: 565:

instead of money. That further depressed the weakened economy, the unemployment rate rose to 16.4% in August 2001 up from a 14.7% a month earlier, and it reached 20% by December.

4146: 3591: 341:

rates. The fixed exchange rate reduced the cost of imports, which produced a flight of dollars from the country and a massive loss of industrial infrastructure and employment in

2706: 1935: 572:. De la Rúa's alliance lost its majority in both chambers of Congress. Over 20% of voters chose to give blank or defaced ballots rather than indicate support of any candidate. 4141: 2579: 387:(both important trade partners for Argentina) faced economic crises of their own, leading to mistrust of the regional economy. The influx of foreign currency provided by the 3052: 447:

to manage shortages of cash, the scale of such borrowing reached unprecedented levels during this period. They became called "quasi-currencies", the strongest of them being

178:

had returned, surprising economists and the business media, and the economy grew by an average of 9% for five years. Argentina's GDP exceeded pre-crisis levels by 2005, and

3724: 2341: 1909: 217:(alternating with weak, short-lived democratic governments) had already caused significant economic problems prior to the 2001 crisis, particularly during the self-styled 1469:(...)The second major private outflow, which coincides with the Asian, Russian, and Brazilian crises, sent the economy into a recession from which it has never recovered. 2749: 3482: 1868: 2772: 2546: 782:

proportionally. Many businesses closed or went bankrupt, many imported products became virtually inaccessible, and salaries were left as they were before the crisis.

3020: 2436: 2198: 4019: 1741: 817:

was one of the most affected Argentine companies, canceling all international flights for various days in 2002. The airline came close to bankruptcy but survived.

2422: 3925: 3885: 648:, where clashes between demonstrators and the police ended up with several people dead and precipitated the fall of the government. De la Rúa eventually fled the 696:

Politically, the most heated debate involved the date of the following elections. Proposals ranged from March 2002 to October 2003, the end of De la Rúa's term.

194:

remained ongoing. Bondholders who participated in the restructuring have been paid punctually and have seen the value of their bonds rise. Argentina repaid its

2029: 3303: 910:). The downside of this reserve accumulation strategy is that US dollars had to be bought with freshly issued pesos, which risked inflation. The Central Bank 4268: 902:

By December 2005, foreign currency reserves had reached $ 28 billion (they were later reduced by the payment of the full debt to the IMF in January 2006

2069: 621:

but soon included property destruction, often directed at banks, foreign-owned privatized companies, and, especially, big American and European companies.

4014: 1949: 917: 3075: 4009: 2924: 716: 607:

The freeze enraged many Argentines who took to the streets of important cities, especially Buenos Aires. They engaged in protests that became known as

462:

In a 2001 interview, journalist Peter Katel identified three factors that converged "the worst possible time" that made the Argentine economy unravel:

3238: 2988: 2787: 2122: 1967: 3379: 2093: 3205: 3662: 2892: 806: 778:. The peso further depreciated, which prompted increased inflation. Argentina depended heavily on imports but then could not replace them locally. 719:

president) citing technical arguments. However, it was not implemented because the Rodríguez Saá government lacked the required political support.

1631: 3999: 2532: 2054: 3431: 2673: 2461: 1768: 4273: 1488: 1416: 406:

After having grown by over 50% from 1990 to 1998, Argentina's GDP declined by 3% in 1999 and the country entered what became a three-year-long

2956: 2832: 1552: 4258: 3839: 3771: 1654: 3335: 3270: 3954: 3118: 3577: 2255: 948:

While unemployment has been considerably reduced (it has hovered around 7% since 2011), Argentina has so far failed to reach an equitable

3777: 829:

Argentine agricultural products were rejected in some international markets for fear that they might have been damaged by the chaos. The

537:, which would lend to the government below market rates if it complied with conditions. Several more rounds of belt-tightening followed. 4263: 4253: 3357: 1295:

to slow debt increases and imposing structural reforms to prove to the world financial community that it deserved loans and investment.

569: 3599: 3989: 3950: 3918: 3827: 2698: 2318: 2294: 1785:

The nation produced five straight years of +9% GDP growth through 2007, and even managed to eke out gains during the global recession.

1288: 2483: 2366: 810:

Depositors protest the freezing of their accounts, mostly in dollars. They were converted to pesos at less than half their new value.

222: 4248: 4243: 4238: 4233: 4228: 2855: 2569: 2232: 2183: 163:. 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 3042: 2351: 1755:

economy shrunk by 11 percent in 2002, its worst recession ever, after the country defaulted on $ 95 billion of bonds in late 2001.

3714: 2597: 602: 144: 84: 74: 4090: 2739: 2227: 1827: 1264: 641: 636:

Confrontations between the police and citizens became common, and fires were set on Buenos Aires avenues. De la Rúa declared a

218: 1291:(IIF), warned Kirchner that Argentina had to come to an immediate debt-restructuring agreement with creditors, increasing its 865:. Lavagna, a respected economist with centrist views, showed a considerable aptitude at managing the crisis, with the help of 659:, the Senate chairman was next in the line of succession in the absence of the president and the vice-president. Accordingly, 4131: 3692: 3182: 3150: 2399: 1809: 935: 2764: 1876: 2554: 2208: 337:

for many citizens, who could again afford to travel abroad, buy imported goods or ask for credit in dollars at traditional

4047: 3942: 3911: 3663:"Americas Program | Citizen Action in the Americas | Worker-Run Factories: From Survival to Economic Solidarity" 3010: 2446: 1737: 1307: 208: 136: 132: 128: 3959: 3401: 2720: 2652: 1421: 1300: 1242: 887:

and accessible credit for businesses, staged an aggressive plan to improve tax collection, and allocated large sums for

830: 554: 238: 179: 88: 4156: 4105: 3637: 2314: 195: 1251:

not been paid. Foreign currency denominated debt thus fell as a percentage of GDP from 150% in 2003 to 8.3% in 2013.

894:

The peso slowly rose, reaching a 3-to-1 rate to the dollar. Agricultural exports grew and tourism returned. The huge

127:, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of 3522: 1509:

In 1998, Argentina entered what turned out to be a four-year depression, during which its economy shrank 28 percent.

4223: 4218: 4213: 4208: 4203: 4095: 4085: 1529: 670: 306:

was appointed Minister of the Economy in January 1991. On 1 April, he fixed the value of the austral at 10,000 per

230: 2632: 2159: 2079: 1650: 171:(their basic needs were unmet); seven out of ten Argentine children were poor at the depth of the crisis in 2002. 4166: 4078: 3891: 3783: 1292: 911: 656: 315: 311: 841: 4029: 1225:

is set higher: it is the minimum income needed for basic needs including food, clothing, shelter, and studies.

814: 726:

and resigned before the end of the year. The Legislative Assembly convened again, appointing Peronist Senator

2914: 1021:

between the 10% poorest and the 10% richest among the population, grew continuously from 2001 to March 2005.

372:, and members of the board of directors had overlooked money laundering within Argentina's financial system. 542: 523: 283: 2978: 2107: 1975: 4136: 2441: 949: 934:

Argentina's recovery suffered a minor setback in 2004, when rising industrial demand caused a short-lived

790: 775: 748: 707: 618: 436: 429: 3780:

featuring CEPR co-director Mark Weisbrot and former IMF Research Director Michael Mussa, 30 November 2005

4161: 4042: 3666: 2882: 2520: 1674: 731: 333:

The convertibility law reduced inflation sharply, preserving the value of the currency. That raised the

538: 411: 364:. A congressional committee started investigations in 2001 over accusations that Central Bank Governor 3845: 3506: 3457: 2501: 1448: 990:

A survey by an Buenos Aires newspaper found that around a third of the population had participated in

4110: 4073: 4052: 3934: 1338: 1269: 996: 510: 160: 46: 3423: 4278: 4100: 3984: 3308: 3243: 3210: 3113: 3080: 2946: 2822: 2744: 2678: 2574: 1890: 1709: 1626: 1010: 972: 884: 757: 689:

on the larger part of the public debt, US$ 132 billion, a seventh of all the money borrowed by the

529:

Rising bond yields forced the country to turn to major international lenders, such as the IMF, the

420: 156: 120: 54: 3108: 259: 2860: 2657: 2346: 2203: 2127: 2098: 2074: 2049: 1929: 1411: 1306:

In a June 2006 report, a group of independent experts hired by the IMF to revise the work of its

991: 914:

its purchases by buying Treasury letters. In this way the exchange rate stabilised to about 3:1.

723: 637: 629: 416: 183: 3803: 3689:"Poverty headcount ratio at urban poverty line (% of urban population) | Data | Table" 858: 2817: 2815: 2263: 857:

Duhalde eventually stabilised the situation somewhat and called for elections. On 25 May 2003,

365: 3823: 3799: 2290: 1401: 1396: 1391: 1386: 1381: 712: 686: 674: 562: 452: 342: 267: 148: 4184: 2024: 1862: 1860: 1373: 1324: 1014: 927: 667:, and the Legislative Assembly (a joint session of both chambers of Congress) was convened. 357: 252: 3822:, (Hohenheimer Volkswirtschaftliche Schriften) (Paperback), Peter Lang Publishing. (2006), 2310: 3738: 3641: 3510: 2593: 1687: 1320: 984: 862: 727: 444: 334: 303: 187: 17: 3768:(Argentina's central bank website, with various economic statistics available on the fly) 3758: 660: 2222: 2173: 4126: 4057: 4037: 3861: 3851: 3788: 1586: 1280: 888: 579:

By the end of November 2001, people began withdrawing large sums of dollars from their

467: 440: 396: 361: 327: 299: 214: 152: 50: 3717:[The Central recovered the reservations of the payment to the Monetary Fund]. 4197: 3879: 3555: 2627: 2154: 1352: 940: 895: 664: 645: 593:, which allowed for only minor sums of cash to be withdrawn, initially $ 250 a week. 388: 369: 319: 243: 226: 151:

on the country's foreign debt, the rise of alternative currencies and the end of the

3900:(Steve H. Hanke, PhD Professor of Applied Economics and Kurt Schuler, PhD Economics) 3886:

The Crisis that Was Not Prevented: Lessons for Argentina, the IMF, and Globalisation

3273:[De la Rúa resigned: Peronist Puerta is in charge of the Executive Branch]. 3969: 2528: 2384: 2382: 2380: 789:

While the regional currency was frequently accepted at the same value as the peso,

580: 557:(triggering a wave of holdout lawsuits), 60% were issued during the 2001 megaswap. 448: 287: 247: 191: 164: 140: 3857: 3784:

A Look at Argentina’s 2001 Economic Rebellion and the Social Movements that Led It

3719: 3688: 3275: 3172: 3140: 3047: 3015: 2983: 2951: 2919: 2887: 2827: 2389: 624: 2289:. Beijing: The McGraw-Hill Companies, Inc., China Machine Press. pp. 57–58. 1553:"Ignorance and Influence: U.S. Economists on Argentina's Depression of 1998–2002" 853:

Foreign currency reserves of Argentina's central bank, in millions of US dollars.

545:, who lasted less than three weeks in office before being replaced with Cavallo. 3974: 1345: 1331: 980: 966: 743: 690: 649: 534: 392: 373: 353: 182:

that year resulted in resumed payments on most of its defaulted bonds; a second

65: 861:

took office as the new president. Kirchner kept Duhalde's Minister of Economy,

568:

Public discontent with the economic conditions was expressed in the nationwide

391:

of state companies had ended. After 1999, Argentine exports were harmed by the

107: 3979: 2792: 1950:"La Argentina salió del default: el juez Thomas Griesa levantó las cautelares" 1484: 1363: 1276: 1018: 866: 822: 609: 530: 262:. The new government intended to stabilize the economy and in 1985 introduced 234: 175: 70: 3458:"Statement by Ms. Felisa Miceli Minister of Economy and Production Argentina" 576:

34% over U.S. treasury bonds, and, by 11 December, the spread jumped to 42%.

3964: 3794:

Bortot, F. (2003). "Frozen Savings and Depressed Development in Argentina".

3633:

Benjamin Dangl, 'Occupy, Resist, Produce: Worker Cooperatives in Argentina'

1705:"Simpson on Sunday: Argentinians summon up the ghost of Peron in hard times" 1406: 921:

President Kirchner and Economy Minister Lavagna discuss policy, August 2004.

589: 424: 407: 307: 263: 124: 59: 3634: 2637:

After three years of recession, Argentina's unemployment rate is now 14.7%.

849: 79: 3271:"Renunció De la Rúa: el peronista Puerta está a cargo del Poder Ejecutivo" 2825:[The Supreme Court ruled out new measures backing the corralito]. 1998: 876:

in the international market produced massive amounts of foreign currency;

786:

irregular willingness to take them as payment of taxes and other charges.

752:

Monthly inflation in Argentina during 2002 (the peak was 10.4%, in April).

587:. On 2 December, the government enacted measures, informally known as the 225:, was appointed Economy Minister at the outset of the dictatorship, and a 3897: 3530: 3177: 3145: 2610:

Argentina's unemployed number 2.3 million, 16.4 percent of the workforce.

2394: 2178: 1801: 1668:

months after the default and has enjoyed uninterrupted growth since then.

1275:

During the weekend of 1–2 October 2004, at the annual meeting of the IMF/

976: 873: 584: 400: 338: 168: 3045:[Twelve police hurt, more than 30 arrested and shops attacked]. 1769:"Argentina: Reviving Economy With Rare Combination of Yields and Growth" 1521: 3903: 2622: 2149: 2123:"Plan by New Argentine Economy Chief Raises Cautious Hope for Recovery" 2103: 3880:

Report of the External Evaluation of the Independent Evaluation Office

583:, turning pesos into dollars, and sending them abroad, which caused a 186:

in 2010 brought the percentage of bonds out of default to 93%, though

3778:

Video: "Argentina's Economic Recovery: Four Years After the Meltdown"

3652:

Horizontalism: Voices of Popular Power in Argentina, by Marina Sitrin

3380:"Ahorristas: el inicio de la resignación o la vuelta de la confianza" 384: 380: 655:

Following the presidential succession procedures established in the

1802:"Argentina's Defaulted Sovereign Debt: Dealing with the "Holdouts"" 1447:

Cibils, Alan B.; Weisbrot, Mark; Kar, Debayani (3 September 2002).

3759:"Guillermo Nielsen exclusive: Inside Argentina’s financial crisis" 1442: 1440: 1438: 1436: 877: 734:, who had been the runner-up in the 1999 race for the presidency. 456: 106: 1592:. Minneapolis: Federal Reserve Bank of Minneapolis. pp. 1, 5 3043:"Doce policías heridos, más de 30 detenidos y negocios atacados" 1221:

is here defined as not having enough money to eat properly. The

756:

In January 2002, after much deliberation, Duhalde abandoned the

3907: 3820:

Hyperinflation, Currency Board, and Bust: The Case of Argentina

2547:"Strike Over Austerity Measures Shuts Down Argentina for a Day" 1587:"What Can We Learn from the 1998–2002 Depression in Argentina?" 820:

Several thousand homeless and jobless Argentines found work as

3873: 3867: 3774:

Article looking at how Argentina has recovered from the crisis

3715:"El Central recuperó las reservas del pago al Fondo Monetario" 2823:"La Corte Suprema dictó nuevas medidas en favor del corralito" 514: 310:. Australs could be freely converted to dollars at banks. The 258:

Democracy was restored in 1983 with the election of President

1522:"Argentina's collapse: Scraping through the great depression" 455:. The national government issued its own quasi-currency, the 2790:[The "corralito" suffocates the Argentine economy]. 1999:"Developing Country Debt and Economic Performance, Volume 2" 286:, Alfonsín resigned five months before the end of his term; 3503: 3336:"Se pone en marcha el proceso de compensación a los bancos" 1869:"Argentina Seeks to Restructure Debt Held by Vulture Funds" 1284: 1027: 706:

Argentines having legal status would be used to redeem all

513:

from abroad ended in 1995, Argentina became reliant on the

3765: 3739:"Committee questions independence of IMF's evaluation arm" 3504:

Ministerio de Economía y Producción – República Argentina

1910:"Argentina Takes Its Debt Case to the U.S. Supreme Court" 677:, was eventually appointed as the new interim president. 496:

Contagion from the financial crises in Russia and Brazil.

3479:"Hectic efforts on by Argentina to avoid second default" 3013:[Banks and shops destroyed after a cacerolazo]. 640:, but the situation worsened, precipitating the violent 439:

had always issued complementary currency in the form of

3358:"El dólar libre no detuvo su marcha y tocó los 4 pesos" 3011:"Bancos y comercios destrozados después del cacerolazo" 2647: 2645: 1738:"Pegasus, Merrill Lynch Create Argentina Property Fund" 98: 2415:"Mired in Recession, Argentina Is Reshuffling Cabinet" 1233:

Similar statistics are available from the World Bank.

3846:

Argentina's debt restructuring: A victory by default?

2856:"Argentina Limits Withdrawals as Banks Near Collapse" 1736:

Raszewski, Eliana; Helft, Daniel (27 December 2006).

1449:"Argentina Since Default: The IMF and the Depression" 833:

put restrictions on Argentine food and drug exports.

246:. By the end of the military government in 1983, the 2981:[Another cacerolazo ended up in incidents]. 2917:[New cacerolazo against the Supreme Court]. 2462:"Markets quiver as IMF fears Argentina will default" 1622:"Britain is following Argentina on the road to ruin" 221:

in power from 1976 to 1983. A right-wing executive,

4119: 4066: 4028: 3941: 2342:"One-Day National Strike Freezes Much of Argentina" 1699: 1697: 774:After a few months, the exchange rate was mostly a 376:was accused of being instrumental in this process. 2502:"De la Rúa: El megacanje no fue malo para el país" 2045:"For Argentina, Inflation and Rage Rise in Tandem" 1997:Dornbusch, Rudiger; de Pablo, Juan Carlos (1990). 880:became a major buyer of Argentina's soy products. 3629: 3627: 3523:"Official statistics: Don't lie to me, Argentina" 1000:, a documentary, was released on the assemblies. 685:During the last week of 2001, the administration 2885:[Another large cacerolazo in the city]. 1934:: CS1 maint: bot: original URL status unknown ( 1916:. Archived from the original on 25 February 2014 1828:"Banks Fear Court Ruling in Argentina Bond Debt" 1479: 1477: 3876:(Antony P. Mueller, PhD Professor of Economics) 3870:(Joseph T. Salerno, PhD Professor of Economics) 3812:Argentina and the Fund: from triumph to tragedy 3304:"Argentina's new president vows not to devalue" 2287:International Financial Management, 6th Edition 1649:Weisbrot, Mark; Sandoval, Luis (October 2007). 1489:"Argentina's Economic Crisis: Causes and Cures" 3570:"Ligera mejora en la distribución del ingreso" 2788:"El 'corralito' asfixia la economía argentina" 2484:"Cavallo, el único procesado por el Megacanje" 2390:"The events that triggered Argentina's crisis" 2367:"Argentina, Wobbly, Clears a Borrowing Hurdle" 476:An increase in debt from reduced tax revenues. 3919: 3868:Confiscatory Deflation: The Case of Argentina 956:the late 1990s) to a record 964,000 in 2013. 541:resigned in March 2001. He was replaced with 111:GDP per capita in Argentina from 1998 to 2005 8: 3592:"El poder adquisitivo creció 72% desde 2003" 2721:"I.M.F. Gives Budget-Cut Order to Argentina" 2596:. World Socialist Web Site. 21 August 2001. 2199:"Party of Peron Loses Its Hold on Argentina" 2020:"President Raul Alfonsin, admitting failure" 1495:. Washington, D.C.: United States Congress. 891:but controlled expenditure in other fields. 360:contributed to the movement of funds toward 3076:"Argentina in 'state of siege' after riots" 2437:"In Argentina, a Surgeon without a Scalpel" 2311:"Argentina Memorandum of Economic Policies" 1615: 1613: 1611: 1580: 1578: 31: 3926: 3912: 3904: 3424:"Accommodating an army of garbage pickers" 2915:"Nuevo cacerolazo contra la Corte Suprema" 2570:"Argentines cry over 'fast food currency'" 1968:"El derrumbe de salarios y la plata dulce" 1847:"Billionaire Hedge Funds Snub 90% Returns" 845:Evolution of the Argentine GNP, 1999–2004. 722:Rodriguez Saá lost the support of his own 379:Other Latin American countries, including 97: 3451: 3449: 3302:Graham-Yooll, Andrew (23 December 2001). 2285:Cheol S., Eun; Bruce G., Resnick (2013). 1451:. Center for Economic and Policy Research 597:December 2001 riots and political turmoil 3635:http://upsidedownworld.org/coops_arg.htm 3550: 3548: 2979:"Otro cacerolazo terminó con incidentes" 1908:Davidoff, Steven M. (25 February 2014). 1559:. Econ Journal Watch. pp. 234–278. 965:facilities on their own as self-managed 916: 848: 840: 805: 747: 623: 509:When a short boom in the early 1990s of 473:The large amounts of borrowing by Menem. 135:. The depression, which began after the 3766:Banco Central de la República Argentina 2949:[Cacerolazo in Plaza de Mayo]. 2709:from the original on 29 September 2013. 2225:[Exchange of Lecops extended]. 1432: 767:, the Ministry of Economy dictated the 717:Banco Central de la República Argentina 4015:2018–present Argentine monetary crisis 3888:(Jan Joost Teunissen and Age Akkerman) 3762:people involved. Euromoney March 2006. 3239:"New President fights to unite nation" 2699:"Argentina Scrambles for I.M.F. Loans" 2635:from the original on 20 October 2013. 2186:from the original on 15 December 2005. 2068:Nash, Nathaniel C. (31 January 1991). 1927: 1822: 1820: 1683: 1672: 1557:Intellectual Tyranny of the Status Quo 1417:South American economic crisis of 2002 505:Rates, riots, resignations and default 4010:Argentine currency controls (2011–15) 3283:from the original on 25 December 2013 3051:(in Spanish). DyN. 29 December 2001. 2883:"Otro amplio cacerolazo en la ciudad" 2800:from the original on 10 December 2011 2763:Litterick, David (11 December 2001). 2697:Krauss, Clifford (11 December 2001). 2174:"Argentina's banking scandal deepens" 2162:from the original on 20 October 2013. 1795: 1793: 1563:from the original on 25 December 2013 470:and the US dollar decided by Cavallo. 7: 3695:from the original on 30 October 2013 3665:. Americaspolicy.org. Archived from 3481:. Argentina News.Net. Archived from 3402:"La redolarización de los depósitos" 3206:"Argentina on the brink of collapse" 3185:from the original on 3 December 2013 3153:from the original on 3 December 2013 3019:(in Spanish). DyN. 11 January 2002. 2923:(in Spanish). DyN. 10 January 2002. 2854:Krauss, Clifford (3 December 2001). 2831:(in Spanish). DyN. 10 January 2002. 2775:from the original on 3 October 2013. 2752:from the original on 3 October 2013. 2738:Litterick, David (4 December 2001). 2686:from the original on 3 October 2013. 2582:from the original on 3 October 2013. 2472:from the original on 5 January 2014. 2365:Krauss, Clifford (9 November 2000). 2197:Krauss, Clifford (25 October 1999). 2121:Nash, Nathaniel C. (28 April 1991). 1775:from the original on 29 October 2013 1767:Pasternak, Carla (4 November 2010). 1744:from the original on 29 October 2013 1532:from the original on 20 October 2013 1499:from the original on 29 October 2013 1321:Social Genocide (Memoria del Saqueo) 117:1998–2002 Argentine great depression 3727:from the original on 28 March 2014. 3614:"Informe Industria, diciembre 2013" 3316:from the original on 3 October 2013 3251:from the original on 3 October 2013 3218:from the original on 3 October 2013 3141:"The night Argentina said 'enough'" 3088:from the original on 4 January 2014 2740:"Argentine bonds slump to new lows" 2402:from the original on 22 April 2014. 2235:from the original on 1 October 2013 1867:Valente, Marcela (29 August 2013). 1528:. Rosario, Argentina. 30 May 2002. 642:protests of 20 and 21 December 2001 3556:"Income share held by highest 10%" 3529:. 25 February 2012. Archived from 2600:from the original on 15 March 2012 2535:from the original on 21 June 2012. 2460:Trefgarne, George (13 July 2001). 2321:from the original on 23 April 2012 1717:from the original on 21 April 2012 1289:Institute of International Finance 229:economic platform centered around 143:, caused widespread unemployment, 25: 3723:(in Spanish). 27 September 2006. 3598:. 21 January 2014. Archived from 3237:Arie, Sophie (22 December 2001). 3204:Arie, Sophie (21 December 2001). 3121:from the original on 21 June 2012 3074:Arie, Sophie (20 December 2001). 3055:from the original on 7 April 2014 3023:from the original on 7 April 2014 2991:from the original on 7 April 2014 2959:from the original on 29 June 2011 2927:from the original on 7 April 2014 2895:from the original on 7 April 2014 2835:from the original on 29 June 2011 2786:Ares, Carlos (16 February 2002). 2594:"Workers Struggles: The Americas" 2568:English, Simon (22 August 2001). 2413:Krauss, Clifford (6 March 2001). 2340:Krauss, Clifford (10 June 2000). 2254:Luna, Daniel (20 December 2001). 2223:"Extienden el canje de las Lecop" 2106:. 30 January 1991. Archived from 2070:"Turmoil, Then Hope in Argentina" 1891:"Todo en un pago y chau al Fondo" 1620:Pascoe, Thomas (2 October 2012). 561:of the highest-paid employees in 349:extending its payment schedules. 266:measures and a new currency, the 4269:Presidency of Fernando de la Rúa 4178: 3858:How Argentina Got Into This Mess 3840:Argentina Didn't Fall on Its Own 3456:Miceli, Felisa (14 April 2007). 3434:from the original on 18 May 2004 3279:(in Spanish). 21 December 2001. 3109:"Argentina collapses into chaos" 2987:(in Spanish). 29 December 2001. 2947:"Cacerolazo en la Plaza de Mayo" 2765:"Argentina bond yields hit 42pc" 2674:"Angry vote tops Argentina poll" 2672:Arie, Sophie (16 October 2001). 2519:Arie, Sophie (9 December 2011). 1800:J.F.Hornbeck (6 February 2013). 1657:from the original on 7 June 2022 1366: 1287:industrialised nations, and the 652:in a helicopter on 21 December. 603:December 2001 riots in Argentina 466:The fixed exchange rate between 270:, the first of its kind without 147:, the fall of the government, a 2955:(in Spanish). 11 January 2002. 2891:(in Spanish). 11 January 2002. 2445:. 18 March 2001. Archived from 2231:(in Spanish). 1 November 2003. 1974:. 24 March 2006. Archived from 1897:(in Spanish). 16 December 2005. 1651:"Argentina's Economic Recovery" 1265:United Nations General Assembly 219:National Reorganization Process 3576:. 14 June 2014. Archived from 3107:Goni, Uki (21 December 2001). 2553:. 20 July 2001. Archived from 2256:"Argentina's Crisis Explained" 1810:Congressional Research Service 1332:A Lucky Day (Un Día de suerte) 1004:Effects on wealth distribution 1: 4274:Presidency of Eduardo Duhalde 3898:What went wrong in Argentina? 3882:(International Monetary Fund) 3852:Argentina’s Economic Disaster 3772:Argentina: Life After Default 3173:"Argentine president resigns" 2043:Brooke, James (4 June 1989). 1551:Schuler, Kurt (August 2005). 1308:Independent Evaluation Office 1301:pay the whole debt to the IMF 632:resigned on 21 December 2001. 613:(banging pots and pans). The 490:The lack of fiscal discipline 209:Economic history of Argentina 4259:Economic crises in Argentina 2521:"Argentina hits rock bottom" 2028:. 2 May 1988. Archived from 1713:. London. 23 December 2001. 1422:Argentine debt restructuring 1243:Argentine debt restructuring 831:US Department of Agriculture 403:(23% of total trade flows). 223:José Alfredo Martínez de Hoz 180:Argentine debt restructuring 2315:International Monetary Fund 1740:. Buenos Aires. Bloomberg. 975:include the factory Zanon ( 663:took office as a caretaker 493:Labour market inflexibility 196:International Monetary Fund 174:By the first half of 2003, 4295: 4264:Presidency of Carlos Menem 4254:History of government debt 1346:Nine Queens (Nueve Reinas) 1279:, leaders of the IMF, the 1240: 883:The government encouraged 741: 738:End of fixed exchange rate 600: 368:, a prominent advocate of 330:as the national currency. 314:had to keep its US dollar 213:Argentina's many years of 206: 141:Brazilian financial crises 18:Argentine Great Depression 4175: 4020:Historical exchange rates 2094:"Argentina Economy Chief" 657:Constitution of Argentina 318:at the same level as the 316:foreign-exchange reserves 312:Central Bank of Argentina 4249:2002 in economic history 4244:2001 in economic history 4239:2000 in economic history 4234:1999 in economic history 4229:1998 in economic history 1630:. London. Archived from 1493:Joint Economic Committee 628:Amid rioting, President 430:complementary currencies 239:financial liberalization 3955:Railway nationalization 3810:Mussa, Michael (2002). 3796:Savings and Development 3640:29 October 2013 at the 3616:. ADEFA. Archived from 3509:19 October 2013 at the 1325:Fernando "Pino" Solanas 1263:In a speech before the 298:After a second bout of 3874:No Tears for Argentina 3691:. Data.worldbank.org. 2653:"Argentina Unraveling" 2442:Bloomberg Businessweek 1682:Cite journal requires 1293:primary budget surplus 950:distribution of income 922: 854: 846: 811: 776:floating exchange rate 753: 708:complementary currency 633: 437:provinces of Argentina 324:Ley de Convertibilidad 131:and a brief period of 112: 85:Economic emergency law 3990:Railway privatisation 3951:Agricultural colonies 3814:. Peterson Institute. 3743:Bretton Woods Project 2557:on 27 September 2013. 2449:on 29 September 2013. 2425:on 29 September 2013. 920: 899:its dollar reserves. 852: 844: 815:Aerolíneas Argentinas 809: 751: 732:Buenos Aires Province 627: 524:Standard & Poor's 290:took office in July. 215:military dictatorship 167:and 25 per cent were 110: 4185:Argentina portal 4147:Provincial economies 4005:2008 farmers' strike 3935:Economy of Argentina 3798:, Vol. XXVII, n. 2. 3181:. 21 December 2001. 3149:. 20 December 2001. 2398:. 21 December 2001. 2317:. 14 February 2000. 2182:. 21 February 2001. 1879:on 24 November 2020. 1270:Bretton Woods system 1030:Poverty in Argentina 671:Adolfo Rodríguez Saá 543:Ricardo López Murphy 511:portfolio investment 326:) that restored the 47:Economy of Argentina 4142:Ministry of Economy 3985:Convertibility plan 3620:on 11 January 2014. 3602:on 25 January 2014. 2727:. 10 December 2001. 2661:. 21 December 2001. 2623:"Don't cry for me…" 2490:. 4 September 2013. 2266:on 1 September 2012 1834:. 25 February 2013. 1634:on 4 October 2012. 1042:Under poverty line 1036:Date of measurement 1032: 1011:economic inequality 983:, the suit factory 973:Worker cooperatives 885:import substitution 791:Entre Ríos Province 763:In addition to the 758:fixed exchange rate 421:economic stagnation 320:cash in circulation 157:fixed exchange rate 133:free-market reforms 121:economic depression 55:Convertibility plan 36:1998–2002 Argentine 4106:Telecommunications 3786:– video report by 3404:. 25 December 2002 3338:. 6 September 2002 2861:The New York Times 2725:The New York Times 2703:The New York Times 2658:The New York Times 2419:The New York Times 2371:The New York Times 2347:The New York Times 2204:The New York Times 2128:The New York Times 2099:The New York Times 2075:The New York Times 2050:The New York Times 1978:on 3 November 2011 1914:The New York Times 1832:The New York Times 1585:Kehoe, Timothy J. 1412:Popular assemblies 1237:Debt restructuring 1028: 992:general assemblies 923: 855: 847: 812: 754: 724:Justicialist Party 673:, the governor of 638:state of emergency 634: 630:Fernando de la Rua 539:José Luis Machinea 417:economic stability 412:Fernando de la Rúa 184:debt restructuring 113: 89:Debt restructuring 4224:2002 in Argentina 4219:2001 in Argentina 4214:2000 in Argentina 4209:1999 in Argentina 4204:1998 in Argentina 4191: 4190: 4000:2007–10 recession 3894:(PBS, Wide Angle) 3854:(The Free Market) 3842:(Global Exchange) 3558:. The World Bank. 3430:. 26 March 2003. 2150:"The last tango?" 1771:. Seeking Alpha. 1402:2002 in Argentina 1397:2001 in Argentina 1392:2000 in Argentina 1387:1999 in Argentina 1382:1998 in Argentina 1231: 1230: 1211: 1210: 979:), the four-star 802:Immediate effects 675:San Luis Province 268:Argentine austral 105: 104: 101: 27:Economic disaster 16:(Redirected from 4286: 4183: 4182: 4181: 4152:Provinces by HDI 4086:Defence industry 3995:1998–2002 crisis 3928: 3921: 3914: 3905: 3815: 3747: 3746: 3735: 3729: 3728: 3711: 3705: 3704: 3702: 3700: 3685: 3679: 3678: 3676: 3674: 3659: 3653: 3650: 3644: 3631: 3622: 3621: 3610: 3604: 3603: 3596:Tiempo Argentino 3588: 3582: 3581: 3574:Tiempo Argentino 3566: 3560: 3559: 3552: 3543: 3542: 3540: 3538: 3519: 3513: 3501: 3495: 3494: 3492: 3490: 3485:on 8 August 2014 3475: 3469: 3468: 3462: 3453: 3444: 3443: 3441: 3439: 3420: 3414: 3413: 3411: 3409: 3398: 3392: 3391: 3389: 3387: 3382:. 6 October 2002 3376: 3370: 3369: 3367: 3365: 3354: 3348: 3347: 3345: 3343: 3332: 3326: 3325: 3323: 3321: 3299: 3293: 3292: 3290: 3288: 3267: 3261: 3260: 3258: 3256: 3234: 3228: 3227: 3225: 3223: 3214:. Buenos Aires. 3201: 3195: 3194: 3192: 3190: 3169: 3163: 3162: 3160: 3158: 3137: 3131: 3130: 3128: 3126: 3117:. Buenos Aires. 3104: 3098: 3097: 3095: 3093: 3084:. Buenos Aires. 3071: 3065: 3064: 3062: 3060: 3039: 3033: 3032: 3030: 3028: 3007: 3001: 3000: 2998: 2996: 2975: 2969: 2968: 2966: 2964: 2943: 2937: 2936: 2934: 2932: 2911: 2905: 2904: 2902: 2900: 2879: 2873: 2872: 2870: 2868: 2851: 2845: 2844: 2842: 2840: 2819: 2810: 2809: 2807: 2805: 2783: 2777: 2776: 2760: 2754: 2753: 2735: 2729: 2728: 2717: 2711: 2710: 2694: 2688: 2687: 2669: 2663: 2662: 2649: 2640: 2639: 2631:. 13 July 2001. 2619: 2613: 2612: 2607: 2605: 2590: 2584: 2583: 2565: 2559: 2558: 2543: 2537: 2536: 2516: 2510: 2509: 2498: 2492: 2491: 2488:Infojus Noticias 2480: 2474: 2473: 2457: 2451: 2450: 2433: 2427: 2426: 2421:. Archived from 2410: 2404: 2403: 2386: 2375: 2374: 2362: 2356: 2355: 2354:on 13 June 2014. 2350:. Archived from 2337: 2331: 2330: 2328: 2326: 2307: 2301: 2300: 2282: 2276: 2275: 2273: 2271: 2262:. Archived from 2251: 2245: 2244: 2242: 2240: 2219: 2213: 2212: 2211:on 13 June 2014. 2207:. Archived from 2194: 2188: 2187: 2170: 2164: 2163: 2158:. 21 June 2001. 2146: 2140: 2139: 2137: 2135: 2118: 2112: 2111: 2090: 2084: 2083: 2082:on 13 June 2014. 2078:. Archived from 2065: 2059: 2058: 2057:on 13 June 2014. 2053:. Archived from 2040: 2034: 2033: 2025:Orlando Sentinel 2016: 2010: 2009: 2003: 1994: 1988: 1987: 1985: 1983: 1964: 1958: 1957: 1946: 1940: 1939: 1933: 1925: 1923: 1921: 1905: 1899: 1898: 1887: 1881: 1880: 1875:. 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