Word: peso
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Dates: during 2000-2009
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Duhalde's economic plan will bring more pain to Argentina's middle class. By breaking the 10-year-old link between the peso and the dollar and allowing a devaluation of the local currency, the new government hopes to improve the competitiveness of Argentine exports. But that will mean rising prices at home and substantial bankruptcies, among both households and businesses. (Most Argentine debts are denominated in dollars and will now have to be repaid with less-valuable pesos.) If rising prices and bankruptcies lead to more social unrest, watch out. Not long ago, Latin America was known less...
...Worst Crisis After three years of grinding recession, Argentina is on the brink of devaluing the peso and defaulting on its $132 billion debt. A recent run on the banks forced the government to limit cash withdrawals to $250 a week. Could Argentina set off a crisis in emerging markets, like the one that began in Asia in 1997? Maybe not. Its economy has been in so much trouble this year that a collapse would be almost anticlimactic...
WHAT HAPPENED: Argentina has a debt crisis again, its exports hurt by the peso's link to the strong dollar. A weak government faces real unpopularity in the streets. Mexico--a star for the past two years--is suffering because its economy is now so closely tied to that of the U.S. Brazil takes a hit whenever other Latin American economies are in the news for the wrong reasons...
...What is Asia to do? As Taiwan's ill-fated committee showed, there aren't a lot of ideas out there. Taiwan has let the value of its currency slip, while the Thai baht and the Philippine peso are trading at six-month lows against the greenback. This makes their products cheaper overseas, which would normally boost exports. But that hasn't happened. Korea and Malaysia are planning fiscal stimulus packages a la Japan. But as Japan's record shows, pumping cash into public works projects is a somewhat expensive way to keep an economy crippled. For the most part...
Cavallo, 54, is prone to call aides and reporters before breakfast or after midnight. And these days he has plenty to talk about. Cavallo earned Argentines' admiration in 1991 when he pegged the peso to the dollar and tamed four-digit inflation. He's still a hero. In March, when Cavallo became the country's third Economy Minister in three weeks, trade unions canceled a general strike and the legislature granted emergency powers to him and President Fernando...