ARGENTINA: The Greenback Gets Respect

The Greenback Gets Respect

Just five months after Argentine President Carlos Saul Menem announced tough reforms to liberalize the national economy, his country may be on the verge of another financial collapse. After curbing inflation from a monthly rate of nearly 200% in July to 6.5% in November, Menem's program has hit several snags. Among them: the Peronist leader's failure to cut staff at any of Argentina's money-losing state enterprises and the resignations nearly three weeks ago of Central Bank President Egidio Ianella and Economy Minister Nestor Rapanelli and his deputy. The departures further weakened confidence in the economy. Argentina's currency, the austral, has plunged...

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