Word: pesos
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...banks' lack of foreign capital as lawyers began investigating the disappearance of billions of dollars before accounts were frozen. President Eduardo Duhalde reopened the stock exchange after forcing the resignation of central bank governor Roque Maccarone, but the measures were unlikely to cause a surge in demand for the peso...
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...
...collapse. After the new President, Eduardo Duhalde, declared that "Argentina is bankrupt," the new Economy Minister, Jorge Remes Lenicov, announced a plan to tackle the crisis precipitated by the country's four-year recession and its Dec. 20 default on $132 billion in foreign debt. Remes Lenicov devalued the peso by 40% and announced steep cuts in public services...
...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...