Word: australes
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...Peronist leader's failure to cut staff at any of Argentina's money-losing state enterprises and the resignations nearly three weeks ago of Central Bank President Egidio Ianella and Economy Minister Nestor Rapanelli and his deputy. The departures further weakened confidence in the economy. Argentina's currency, the austral, has plunged in value more than 50% against the U.S. dollar this past week, and experts guess consumer prices will jump about 50% for December...
...situation got so bad that by July the wildly-fluctuating Argentine currency (the austral) had fallen during the past year from a value of about $1.25 to roughly one-seventh of a cent. Every Monday morning, the banks were flooded with people desperately trying to change their fast-depreciating australs to U.S. dollars, the de facto national currency that is welcomed almost anywhere...
...address, his administration announced the first steps of "unusually severe, exceptional and emergency" measures designed to break the nation's hyperinflation (114% for June alone) and to restore confidence in its virtually insolvent government. Among them: a 90-day wage- and-price freeze, a 116% devaluation of the austral to 650 vs. the U.S. dollar and an aggressive privatization of most state-run companies. Because the end of many government subsidies will bring unavoidable price increases for some goods and services, all workers will be given a bonus of 8,000 australes ($12.30 at the new rate...
...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...
...times, is now virtually shut ! down. Automobile, tire and auto-parts production have come to a stop. Ranchers have halted delivery of cattle because they are being paid with uncashable checks. The government cannot print money fast enough, so a severe cash shortage has prompted bank closings. Because the austral has lost 90% of its value since February, most people try to conduct their business in U.S. dollars, although it is now illegal to do so. According to private estimates, what is left of the economy runs on $500 million worth of austral notes and $5 billion in U.S. currency...