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Corralito
Corralito () was the informal name for the economic measures taken in Argentina at the end of 2001 by Minister of Economy Domingo Cavallo in order to stop a bank run which implicated a limit of cash withdrawals of 250 ARS per week (at that time 1 USD = 1 ARS). Electronic transfers and credit and debit card payments were not disrupted. The Spanish word ''corralito'' is the diminutive form of ''corral'', which means "corral, animal pen, enclosure"; the diminutive is used in the sense of "small enclosure" and in Argentina also "a child's playpen". This expressive name alludes to the restrictions imposed by the measure. The term was coined by the journalist Antonio Laje. Background and initial measures In 2001, Argentina was in the midst of a crisis: heavily indebted, with an economy in complete stagnation (an almost three-year-long recession), and the exchange rate was fixed at one U. S. dollar per Argentine peso by law, which made exports uncompetitive and effectively dep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cacerolazo
A cacerolazo ( or ), cacerolada (, ) or casserole is a form of popular protest which consists of a group of people making noise by banging pots, pans, and other utensils in order to call for attention. The first documented protests of this style occurred in France in the 1830s, at the beginning of the July Monarchy, by opponents of the regime of Louis Philippe I of France. According to the historian Emmanuel Fureix, the protesters took from the tradition of the charivari the use of noise to express disapproval, and beat saucepans to make noise against government politicians. This way of showing discontent became popular in 1832, taking place mainly at night and sometimes with the participation of thousands of people. More than a century later, in 1961, "the nights of the pots" were held in Algeria, in the framework of the Algerian War of Independence. They were thunderous displays of noise in cities of the territory, carried out with homemade pots, whistles, horns and the cry o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corralón
Corralón was the informal name for the economic measures taken in Argentina at the beginning of 2002 by President Eduardo Duhalde during a bank run in which deposits and debt in dollars were exchanged to local currency at 1.4 per dollar for deposits and 1.0 for debt (this was also called ''pesificación asimétrica''). Previously, the withdrawal of dollars was limited to $250 per week. After the forced exchanged, people no longer had any dollars on the system and those who had savings in US dollars lost 65% of their deposited value. History Argentina's situation worsened for several months. The ''corralito'' was hardened during the interim rule of President Eduardo Duhalde and turned into a ''corralón'' ("big corral"). The ''corralón'' differed from the ''corralito'' in that most deposits were forcibly exchanged for a series of bonds denominated in pesos. The dollar-denominated accounts were automatically exchanged for pesos and peso bonds at a predetermined rate. The real n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Domingo Cavallo
Domingo Felipe Cavallo (born July 21, 1946) is an Argentine economist and politician. Between 1991 and 1996 he was Economic Ministry of Argentina during Carlos Menem presidency. He is known for implementing the ''Convertibility plan'', which established a pseudo-currency board with the dollar and allowed the dollar to be used for legal contracts. This brought the inflation rate down from over 1,300% in 1990 to less than 20% in 1992 and nearly to zero during the rest of the 1990s. He implemented pro-market reforms which included privatizations of state enterprises. Productivity per hour worked during his 5-years as minister of Menem increased by more than 100%. In 2001, he was Economic Ministry for nine months during the 1998–2002 Argentine great depression. During a bank run he implemented a restriction on cash withdrawing, known as ''corralito''. This was followed by riots and the fall of President Fernando de la Rúa. He is Doctor in Economic Sciences from the National ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eduardo Duhalde
Eduardo Alberto Duhalde (; born 5 October 1941) is an Argentine Peronist politician who served as the interim President of Argentina from January 2002 to May 2003. He also served as Vice President and Governor of Buenos Aires in the 1990s. Born in Lomas de Zamora, he was elected for the local legislature and appointed ''intendente'' (mayor) in 1973. He was deposed during the 1976 Argentine coup d'état, and elected again when democracy was restored in 1983. He was elected vice-president of Argentina in 1989, under President Carlos Menem. Duhalde resigned as vice president and was elected Governor of Buenos Aires Province in 1991, and re-elected in 1995. He ran for president in 1999, being defeated by Fernando de la Rúa. De la Rúa resigned during the December 2001 riots, and Congress appointed the governor of San Luis Province Adolfo Rodríguez Saá as president. When Rodríguez Saá also resigned, Congress appointed Duhalde. During Duhalde's term in office, a huge currency ... [...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] |
Banking Of Argentina
During the 1990s, marked by President Carlos Menem's policies of liberalization, Argentina's financial system saw a significant consolidation and strengthening, in large part through foreign investment. In addition to high reserve and capital-adequacy requirements, the Central Bank of Argentina maintained a repurchase agreement with a consortium of international banks to provide a $6,000 million safety net in the event of a liquidity squeeze. Mergers and acquisitions, which decreased the number of Argentine banks from nearly 300 in 1990 to fewer than 100 at the end of 1999, were expected to continue and lead to improvements in management and efficiency. The foreign currency reserves of the Central Bank stood at nearly $25,000 million in December 1999, or over 9 months of imports. However, these reserves were used to back the monetary liabilities of the Central Bank and were not available for conducting monetary policy; by the terms of the Convertibility Law, each Argentine peso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fernando De La Rúa
Fernando de la Rúa (15 September 19379 July 2019) was an Argentine politician and a member of the Radical Civic Union (UCR) political party who served as President of Argentina from 10 December 1999 to 21 December 2001. De la Rúa was born in Córdoba; he entered politics after graduating with a degree in law. He was elected senator in 1973 and unsuccessfully ran for the office of Vice President as Ricardo Balbín's running mate the same year. He was re-elected senator in 1983 and 1993, and as deputy in 1991. He unsuccessfully opposed the pact of Olivos between President Carlos Menem and party leader Raúl Alfonsín, which enabled the 1994 amendment of the Argentine Constitution and the re-election of Menem in 1995. De la Rúa was the first chief of government of Buenos Aires to be elected by popular vote, a change introduced by the amendment of the Constitution. He expanded the Buenos Aires Underground, adding new stations to Line D, starting the expansion of Line B, and est ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Third World Debt
The debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes of governments of developing countries borrowing in quantities beyond their ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The debt can result from many causes. Some of the high levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited and "recycled" through western banks provided a ready source of funds for loans. While a portion of borrowed funds went towards infrastructure and economic development financed by central governments, a portion was lost to corruption and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fractional-reserve Banking
Fractional-reserve banking is the system of banking operating in almost all countries worldwide, under which banks that take deposits from the public are required to hold a proportion of their deposit liabilities in liquid assets as a reserve, and are at liberty to lend the remainder to borrowers. Bank reserves are held as cash in the bank or as balances in the bank's account at the central bank. The country's central bank determines the minimum amount that banks must hold in liquid assets, called the "reserve requirement" or "reserve ratio". Most commercial banks hold more than this minimum amount as excess reserves. Bank deposits are usually of a relatively short-term duration, and may be "at call", while loans made by banks tend to be longer-term, resulting in a risk that customers may at any time collectively wish to withdraw cash out of their accounts in excess of the bank reserves. The reserves only provide liquidity to cover withdrawals within the normal pattern. Banks a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plano Collor
The Collor Plan ( pt, Plano Collor), is the name given to a collection of economic reforms and inflation-stabilization plans carried out in Brazil during the presidency of Fernando Collor de Mello, between 1990 and 1992. The plan was officially called ''New Brazil Plan'' (Portuguese: ''Plano Brasil Novo''), but it became closely associated with Collor himself, and "Plano Collor" became its de facto name. The Collor plan combined fiscal and trade liberalization with radical inflation stabilization measures.Welch, John H. Birch, Melissa. Smith, RusselECONOMICS: BRAZIL Library of Congress. December 30, 2004. Retrieved on September 8, 2007. The main inflation stabilization was coupled with an industrial and foreign trade reform program, the ''Industrial and Foreign Trade Policy'' (Portuguese: ''Política Industrial e de Comércio Exterior''), better known as PICE, and a privatization program dubbed the "National Privatization Program" (Portuguese: ''Programa Nacional de Desestatizaçã ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scotiabank
The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada's Big Five banks, it is the third largest Canadian bank by deposits and market capitalization. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With more than 92,001 employees and assets of Can$1,136 billion (according to 2020 annual report), Scotiabank trades on the Toronto () and New York () exchanges. The Scotiabank swift code is NOSCCATT and the institution number is 002. Scotiabank was founded in 1832 in Halifax, Nova Scotia, where it was headquartered until relocating to Toronto in 1900. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primaril ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
December 2001 Riots (Argentina)
December is the twelfth and final month of the year in the Julian and Gregorian calendars and is also the last of seven months to have a length of 31 days. December got its name from the Latin word ''decem'' (meaning ten) because it was originally the tenth month of the year in the calendar of Romulus which began in March. The winter days following December were not included as part of any month. Later, the months of January and February were created out of the monthless period and added to the beginning of the calendar, but December retained its name. Macrobius, '' Saturnalia'', tr. Percival Vaughan Davies (New York: Columbia University Press, 1969), book I, chapters 12–13, pp. 89–95. In Ancient Rome, as one of the four Agonalia, this day in honour of Sol Indiges was held on December 11, as was Septimontium. Dies natalis (birthday) was held at the temple of Tellus on December 13, Consualia was held on December 15, Saturnalia was held December 17–23, Opiconsivia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
