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South American Economic Crisis Of 2002
The South American economic crisis is the economic disturbances which have developed in 2002 in the South American countries of Argentina, Brazil and Uruguay. The Argentinian economy was suffering from sustained deficit spending and an extremely high debt overhang, and one of its attempted reforms included fixing its exchange rates to the US dollar. When Brazil, as its largest neighbor and trading partner, devalued its own currency in 1999, the Argentinian peg to the US dollar prevented it from matching any of that devaluation, leaving its tradeable goods to be less competitive with Brazilian exports. Along with a trade imbalance and balance of payment problem, the need for credit to finance its budget deficits made Argentina's economy vulnerable to economic crisis and instability. In 1999, the economy of Argentina shrank by 3.4%. GDP continued to decline: 0.8% in 2000, 4.4% in 2001, and 10.9% in 2002. One year before, in Brazil, low water level in hydroelectric plants, combine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South America
South America is a continent entirely in the Western Hemisphere and mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere at the northern tip of the continent. It can also be described as the southern subregion of a single continent called America. South America is bordered on the west by the Pacific Ocean and on the north and east by the Atlantic Ocean; North America and the Caribbean Sea lie to the northwest. The continent generally includes twelve sovereign states: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela; two dependent territories: the Falkland Islands and South Georgia and the South Sandwich Islands; and one internal territory: French Guiana. In addition, the ABC islands of the Kingdom of the Netherlands, Ascension Island (dependency of Saint Helena, Ascension and Tristan da Cunha, a British Overseas Territory), Bouvet Island ( dependency of Norway), Pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin American Debt Crisis
The Latin American debt crisis ( es, Crisis de la deuda latinoamericana; pt, Crise da dívida latino-americana) was a financial crisis that originated in the early 1980s (and for some countries starting in the 1970s), often known as ''La Década Perdida'' (The Lost Decade), when Latin American countries reached a point where their foreign debt exceeded their earning power, and they were not able to repay it. Origins In the 1960s and 1970s, many Latin American countries, notably Brazil, Argentina, and Mexico, borrowed huge sums of money from international creditors for industrialization, especially infrastructure programs. These countries had soaring economies at the time, so the creditors were happy to provide loans. Initially, developing countries typically garnered loans through public routes like the World Bank. After 1973, private banks had an influx of funds from oil-rich countries which believed that sovereign debt was a safe investment. Mexico borrowed against future ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2002 In Brazil
Events from the year 2002 in Brazil Incumbents Federal government * President: Fernando Henrique Cardoso * Vice President: Marco Maciel Governors * Acre: Jorge Viana * Alagoas: Ronaldo Lessa * Amapa: **João Capiberibe (until 1 April) ** Dalva de Souza Figueiredo (1 April-31 December) * Amazonas: Amazonino Mendes * Bahia: ** César Borges (until 5 April) **Otto Alencar (from 5 April) * Ceará: **Tasso Jereissati (until 5 April) ** Beni Veras (from 5 April) * Espírito Santo: José Ignácio Ferreira * Goiás: Marconi Perillo * Maranhão: **Roseana Sarney (until 5 April) ** José Reinaldo Tavares (from 5 April) * Mato Grosso: **Dante de Oliveira (until 6 April) ** Rogério Salles (from 6 April) * Mato Grosso do Sul: José Orcírio Miranda dos Santos * Minas Gerais: Itamar Franco * Pará: Almir Gabriel * Paraíba: **José Maranhão (until 6 April) ** Roberto Paulino (6 April-31 December) * Paraná: Jaime Lerner * Pernambuco: Jarbas Vasconcelos * Piauí: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2002 In Argentina
Incumbents *President: Eduardo Camaño (until January 2), Eduardo Duhalde (starting January 2) *Vice President: vacant Governors *Governor of Buenos Aires Province: Carlos Ruckauf (until 3 January); Felipe Solá (starting 3 January) *Governor of Catamarca Province: Oscar Castillo *Governor of Chaco Province: Ángel Rozas * Governor of Chubut Province: José Luis Lizurume * Governor of Córdoba: José Manuel De la Sota *Governor of Corrientes Province: Ricardo Colombi *Governor of Entre Ríos Province: Sergio Montiel *Governor of Formosa Province: Gildo Insfrán *Governor of Jujuy Province: Eduardo Fellner *Governor of La Pampa Province: Rubén Marín *Governor of La Rioja Province: Ángel Maza *Governor of Mendoza Province: Roberto Iglesias *Governor of Misiones Province: Carlos Rovira *Governor of Neuquén Province: Jorge Sobisch * Governor of Río Negro Province: Pablo Verani *Governor of Salta Province: Juan Carlos Romero * Governor of San Juan Province: Alfredo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of South America
The economy of South America comprises approximately 430 million people living in twelve nations and three territories. It encompasses 6 percent of the world's population. From the 1930s to 1980s, countries of South America used Import Substitution, an economic policy that replaces foreign businesses as well as imports with domestic production. This was a policy made to increase domestic manufacturing. Furthermore, national spending on arms soared during periods of military rule. Increasingly South American countries began to borrow from foreign private banks and international lending institutions, such as the World Bank and the Inter-American Development Bank, to fund existing programs while also trying to expand their economic productivity through investments. However, this policy created a debt crisis in South America. The continent has fallen farther behind North America over the past two centuries. This can be explained by South America's high concentration on primary commod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Democracy Now!
''Democracy Now!'' is an hour-long American TV, radio, and Internet news program hosted by journalists Amy Goodman (who also acts as the show's executive producer), Juan González, and Nermeen Shaikh. The show, which airs live each weekday at 8 a.m. Eastern Time, is broadcast on the Internet and via more than 1,400 radio and television stations worldwide. The program combines news reporting, interviews, investigative journalism and political commentary, with a focus on peace activism linked to environmental justice and social justice, guided by the ethics of ecofeminism as a philosophy. It documents social movements, struggles for justice, activism challenging corporate power and operates as a watchdog outfit regarding the effects of American foreign policy. ''Democracy Now!'' views as its aim to give activists and the citizenry a platform to debate people from "The Establishment". The show is described as progressive by fans as well as critics, but Goodman rejects that label ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vulture Fund
A vulture fund is a hedge fund, private-equity fund or distressed debt fund, that invests in debt considered to be very weak or in default, known as distressed securities. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to subsequently sell the debt for a larger amount than the purchasing price. Debtors include companies, countries, and individuals. Vulture funds have had success in bringing attachment and recovery actions against sovereign debtor governments, usually settling with them before realizing the attachments in forced sales. Settlements typically are made at a discount in hard or local currency or in the form of new debt issuance. In one instance involving Peru, such a seizure threatened payments to other creditors of the sovereign obliger. History Sovereign debt collection was rare until the 1950s when sovereign immunity of government issuers started to become restricted by contract terms. Thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentina
Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, the fourth-largest country in the Americas, and the eighth-largest country in the world. It shares the bulk of the Southern Cone with Chile to the west, and is also bordered by Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and the South Atlantic Ocean to the east, and the Drake Passage to the south. Argentina is a federal state subdivided into twenty-three provinces, and one autonomous city, which is the federal capital and largest city of the nation, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system. Argentina claims sovereignty over the Falkland Islands, South Georgia and the South Sandwich Islands, and a part of Antarctica. The earliest recorded human prese ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2002 Uruguay Banking Crisis
The Uruguay banking crisis was a major banking crisis that hit Uruguay in July 2002. In this, a massive run on banks by depositors (most of them from neighboring Argentina) caused the government to freeze banking operations. The crisis was caused by a considerable contraction in Uruguay's economy and by over-dependence on Argentina (tourism, and construction boom), which experienced a strong phase of an economic meltdown itself in late 2001. In total, approximately 1/3 of the country's deposits were withdrawn and five financial institutions were left insolvent. According to many sources, the banking crisis could have been avoided if Uruguayan authorities had properly regulated their banks. The Central Bank of Uruguay (BCU) had trusted international banks to regulate themselves properly and was too lenient and slow in responding to the crisis. Banco Comercial del Uruguay In 1990, Chemical Overseas Holdings, Inc. (a subsidiary of JPMorgan Chase) together with Dresdner Bank Latinam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998–2002 Argentine Great Depression
The Argentine Great Depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed the fifteen years stagnation and a brief period of free-market reforms. The depression, which began after the Russian and Brazilian financial crises, caused widespread unemployment, riots, the fall of the government, a default on the country's foreign debt, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar. The economy shrank by 28 percent from 1998 to 2002. In terms of income, over 50 percent of Argentines lived below the official poverty line and 25 percent were indigent (their basic needs were unmet); seven out of ten Argentine children were poor at the depth of the crisis in 2002. By the first half of 2003, however, GDP growth had returned, surprising economists and the business media, and the economy grew by an average of 9% for five years. Argentina's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
