Yes, Argentina 2x in one day...
ok, so sue me... i'm fascinated by argentina and how its plucky people are pulling themselves up by their bootstraps afer thumbing their collective noses at the imf, the world bank, the g7, and global banking powerhouses like citi and hsbc... this is a good analysis piece of what's been happening and where things might be heading...
Argentine President Néstor Kirchner has often said that he took office during a crisis that was so severe that he had to govern ”minute by minute”. But on Wednesday he reaches the halfway point in his four-year term with an economy in full recovery mode, and his challenge now is to make it last, say analysts.
(more)
[...]
Gross domestic product (GDP), which had shrunk 20 percent between 1999 and 2002, grew 8.7 percent in 2003 and nine percent in 2004. The unemployment rate dropped from 17.8 to 13 percent, and the poverty rate fell from a record high of 57.5 percent in 2002 to 40.2 percent last year.
The debt on which Argentina had defaulted in late 2001 was restructured this year, with 76 percent of bondholders agreeing to the swap.
Tax collection increased, as did investment, exports and consumption. Wages and pensions also rose slightly, while prices were kept in check despite a small outbreak of inflation earlier this year.
Protests and roadblocks staged by organisations of the unemployed, which had become the foremost mode of social protest after 2000, began to give way to demonstrations by organised workers [see my post of may 21] demanding higher wages and better working conditions.
On the political front, Kirchner backed the congressional decision to annul the amnesty laws passed in the mid to late 1980s, which had put an end to prosecutions of members of the military who committed human rights violations during the 1976-1983 military dictatorship.
He also restructured the leadership of the armed forces and the police, and put in place a transparent process for appointing Supreme Court judges.
But without downplaying the significance of these moves, Adrogué [Gerardo Adrogué, director of Knack, a public opinion consultancy] insists that the Kirchner administration's greatest achievement has been the return to economic stability.
”And even though not everyone understands the technical details, Argentines approve of the tough stance the president took in renegotiating the foreign debt,” the analyst added. Submit To Propeller
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Argentine President Néstor Kirchner has often said that he took office during a crisis that was so severe that he had to govern ”minute by minute”. But on Wednesday he reaches the halfway point in his four-year term with an economy in full recovery mode, and his challenge now is to make it last, say analysts.
(more)
[...]
Gross domestic product (GDP), which had shrunk 20 percent between 1999 and 2002, grew 8.7 percent in 2003 and nine percent in 2004. The unemployment rate dropped from 17.8 to 13 percent, and the poverty rate fell from a record high of 57.5 percent in 2002 to 40.2 percent last year.
The debt on which Argentina had defaulted in late 2001 was restructured this year, with 76 percent of bondholders agreeing to the swap.
Tax collection increased, as did investment, exports and consumption. Wages and pensions also rose slightly, while prices were kept in check despite a small outbreak of inflation earlier this year.
Protests and roadblocks staged by organisations of the unemployed, which had become the foremost mode of social protest after 2000, began to give way to demonstrations by organised workers [see my post of may 21] demanding higher wages and better working conditions.
On the political front, Kirchner backed the congressional decision to annul the amnesty laws passed in the mid to late 1980s, which had put an end to prosecutions of members of the military who committed human rights violations during the 1976-1983 military dictatorship.
He also restructured the leadership of the armed forces and the police, and put in place a transparent process for appointing Supreme Court judges.
But without downplaying the significance of these moves, Adrogué [Gerardo Adrogué, director of Knack, a public opinion consultancy] insists that the Kirchner administration's greatest achievement has been the return to economic stability.
”And even though not everyone understands the technical details, Argentines approve of the tough stance the president took in renegotiating the foreign debt,” the analyst added. Submit To Propeller
Tweet
posted by profmarcus at
5/27/2005
