Word: peso
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Dates: during 2000-2009
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...record, there are more psychoanalysts per capita in Buenos Aires than in any other city in the world.Argentina’s 2001 default on over $140 billion in international loans imploded the economy, precipitating a massive bank run and widespread civil unrest. When the dust settled, the Argentine peso was trading at roughly four to the American dollar, after a decade of parity. Europeans and North Americans began to trickle into Buenos Aires to take advantage of the exchange rate, and lately the media’s been abuzz about South America’s “best...
...Over the past decade, inflation has been a minor threat compared with brutal deflationary shocks. They started with the collapse of the Mexican peso in the mid-1990s. In 1997, much of eastern Asia's flourishing economy was leveled. Next were Russia, Turkey and Argentina; Brazil teetered on the brink. By early 2001, Silicon Valley, the pride of the U.S. economy, was crashing, while entire sectors of the so-called New Economy disintegrated...
...continue to keep prices largely in check. Indeed, if anything, central banks in their determination to kill inflation before it happens may already have tightened too much. Over the last decade, the world has experienced a series of brutal deflationary shocks. They started with the collapse of the Mexican peso in the mid-1990s. In 1997, much of eastern Asia's flourishing economy was leveled. Next were Russia, Turkey and Argentina; Brazil teetered on the brink. Meanwhile, Silicon Valley, the pride of the U.S. economy, was crashing, while entire sectors of the so-called new economy disintegrated. And Japan...
...region, buying off Ecuadorian assets, Argentine debt, and Cuban doctors. In fact, his “brothers” in the region often adopt his dubious means, and not only in the rhetoric uttered by Morales. Argentine President Néstor Kichner has greatly benefited from a purposefully weak peso, high commodity prices, and huge export dividends resulting from “redistributing” taxes. However, although the federal state grows richer, that money is used to buy off regional caudillos and the poorer classes continue to see their real income liquated. Just like in Venezuela, a rich federal...
Summers, who was a senior official in the Treasury department at the time of the peso crisis and later led the department from 1999 to 2001, played a key role in orchestrating the Clinton administration’s $20 billion package of loans to the Mexican government...