Παραθέτω την συνταγή και όποιοι γνωρίζουν αγγλικά, θα καταλάβουν αν έπιασε η θεραπεία
• Raúl Alfonsin elected president,$45 billion due to IMF, World Bank, US Export Import Bank and private US banks 1989
• Following a currency crisis resulting in 15-fold jump in prices, Alfonsin resigns.
• Replaced by Carlos Menem
– pro union, nationalist economic policies.
– Under pressure from IMF, he appointed Domingo Cavallo as economy minister (junta-era official & corporate-friendly)
– Buenos Aires stock market spiked 30%
– Cavallo stacked government with Friedman students – “Chicago Boys”
• Massive cuts to public spending
• New currency – peso –pegged to US dollar”
• Sold off riches of the country – (including the oil company, YPF,
post office, telephone, gas, electricity and water utilities): 90%
of all state enterprises by 1994
• Fired 700,000 workers
– over 50% of country below poverty level
– Unemployment over 20%
– Argentina’s economy collapsed
– defaulted on $805 million debt to World Bank
– Peso's 11 year-old tie to the U.S. dollar was rescinded,
resulting in a major depreciation of the peso and a spike in
– Unemployment as high as 25% by late 2002 and the lowest real
wages in sixty years
• Néstor Kirchner, social democratic elected president:
– Restructured defaulted debt with a steep discount (about 66%) on most bonds
– Paid off debts with the IMF.
– Renegotiated contracts with utilities.
– Nationalized some previously privatized enterprises.
– Pursued vigorous income policies and public works investments.
• Néstor’s wife, Cristina Fernández de Kirchner elected president:
– Following massive agrarian protests and lockouts,
robust economic growth returned and double-digit inflation eased somewhat
– The global financial crisis has since prompted Mrs. Kirchner
to step up her husband's policy of state intervention in troubled sectors of the economy.