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- 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.
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As of mid-2008 [needs update] Venezuela holds an estimated US$6 billion in Argentine debt. In 2006, Argentina re-entered international debt markets selling US$500 million of its Bonar V five-year dollar denominated bonds, with a yield of 8.36%, mostly to foreign banks, and Moody's boosted Argentina's debt rating from B− to B. [148]
Foreign public debt has declined from 34.8 percent of GDP in 2005 to 23.2 percent in 2008. During the same period, foreign public debt measured as a percentage of international reserves declined from 217 percent to 125.1 percent; and from 129.6 to 89.9 percent of export earnings.
Until the financial crisis became a fully fledged economic crisis, commercial lending from abroad registered 10 consecutive quarters of growth but, starting in the last quarter of 2008, it declined by more than 50% in six months.
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Jul 30, 2014 · By Reuters. July 30, 201410:55 AM PDTUpdated 10 years ago. BUENOS AIRES (Reuters) - Argentina was in a race against time on Wednesday to cut a deal by the end of the day with holdout investors...
Though wages averaged a 17% annual increase from 2002 to 2008, and rising 25% in the year to May 2008, inflation ate away at the increases: 12.5% in 2005; 10% in 2006; nearly 15% in 2007, and over 20% during 2008.
Oct 22, 2008 · By Alexei Barrionuevo. Oct. 21, 2008. BRASÍLIA Argentina’s government said Tuesday that it would seek to nationalize nearly $30 billion in private pension funds to protect retirees from falling...
Apr 12, 2022 · Although the impact of the 2008 financial crisis was not a massive blow to Argentina’s economy, this does not mean that Argentina did not experience challenges like meat shortage, a decline in food exports, and an increase in the foreign debt of $81.8 billion, 11.2 billion of which was owed to private investors.
