[PDF] argentina crisis 2001 explained

Argentina was plunged into a devastating economic crisis in December 2001/January 2002, when a partial deposit freeze, a partial default on public debt, and an abandonment of the fixed exchange rate led to a collapse in output, high levels of unemployment, and political and social turmoil.
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  • What is the main reason for the Argentina crisis?

    High interest made it costly for businesses to expand using credit and contributed to the recession.
    The government's failure to take effective measures to end the recession created a crisis of confidence in government debt, because a shrinking economy meant a shrinking base of tax revenue from which to pay the debt.

  • What is the Argentina crisis?

    In fact, since 2001, Argentina has defaulted on its international sovereign debt three times –the first time in December 2001 in the midst of a very serious financial crisis, in 2014, in the middle of a battle against holdout creditors and again in 2020, in the middle of the COVID-19 pandemic.

  • What was the crisis in 2001?

    The 2001 recession was an eight-month economic downturn that began in March and lasted through November. 1 While the economy recovered in the fourth quarter of that year, the impact lingered and the national unemployment continued to climb, reaching 6% in June 2003.

  • What was the crisis in 2001?

    The lesson of the Argentine crisis is that institutional weaknesses that are deeply rooted in the political system are very difficult to change, and that the role of an ex- ternal agent, such as the IMF, in the reform process is unclear.

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