Word: menem
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...dollar to 2,000 before markets closed for the New Year, and price rises of as much as 100% as rumors circulated that the value of Argentina's national currency might be halved again. Shell-shocked citizens waited for Erman, the third Economy Minister since President Carlos Saul Menem took office last July, to announce yet another rescue plan, the fourth in Menem's tenure. The challenge: to dispel the worst outbreak of hyperinflation in Argentina since food riots broke out last...
Just five months after Argentine President Carlos Saul Menem announced tough reforms to liberalize the national economy, his country may be on the verge of another financial collapse. After curbing inflation from a monthly rate of nearly 200% in July to 6.5% in November, Menem's program has hit several snags. Among them: the 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...
Amid the uncertainty, a number of new reform proposals are being floated. One would replace the austral with the dollar, eliminating one major cause of inflation by depriving Menem's government of the ability to print money. For just that reason, not to mention outraged nationalistic sensibilities, the idea is sure to go nowhere...
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...
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...