Word: alfonsin
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...while the Argentine economy has not yet emerged from the crisis that led to record levels of inflation and forced Raul Alfonsin to hand over the presidency six months in advance, there are some encouraging signs. After all, the economy has clearly stabilized, with the latest figures show inflation falling to a mere 10 percent. For the month...
Unfortunately, Alfonsin's reputation, battered by the haunting spectre of hyperinflation, probably won't. While Menem is now enjoying widespread public adulation, Alfonsin has become a virtual pariah in the Argentine political scene, an unfortunate occurrence that detracts from his substantial achievements and his profound commitment to restoring democracy to the country...
...only did Alfonsin lead the nation out of the depths of the "dirty war" of the late 1970s and early 1980s and successfully prosecuted leading members of the brutal military junta responsible for the "disappearance" of more than 9000 alleged "subversives" during this period, but he also tried to democratize the unions. Predictably, his legislation calling for rank-and-file elections of union leaders was defeated by Peronist opposition in the Senate...
Ironically enough, most of the economic reforms which Menem is now undertaking (and receiving widespread public approval for) were first proposed by Alfonsin, only to be defeated by the Peronists in Parliament. Juan Peron must be laughing in his grave...
...early last week, Menem's economic medicine was already showing some positive effects. On Monday the black-market rate for dollars dipped below the official exchange rate for the first time since the austral plan was implemented by former President Raul Alfonsin in 1985, demonstrating credibility in the currency's new valuation. Investors and bankers were favorably impressed by the seriousness of the Peronist leader's austerity plan, which prompted the Buenos Aires stock exchange to rise 6.5% in a single day and sent monthly interest rates down 44 points...