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BBC NEWS September 11, one year on


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Argentina suffered the worst economic crisis in its history when it defaulted on its international debts in December 2001 and devalued the peso one month later. Since then, the Argentinean economy has declined sharply, half of the population is now below the poverty line, and there have been six economy ministers. The roots of the Argentinean crisis lay in over-spending by government and excessive international borrowing while its currency was pegged to a strong US dollar. Now the crisis has spread to Uruguay and Brazil, who are receiving huge IMF rescue packages - while Argentina has failed to meet conditions for financial aid.

James Arnold
BBC News Online business reporter Mike Verdin explains why the rescue of Argentina has slipped down the agenda.

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Key Facts
  • Economic growth: -16.3% (2001)
  • Foreign debts repudiated: $160bn
  • Pesos to 1 US dollar: 3.62 (one year ago: 1:1)

  • OVERVIEW
    USA
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    South East Asia
    Israel/Palestinian
    territories


    Argentina
    Turkey
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    Industries
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