Friday, 29 August 2014

Argentina 2nd economic collapse brewing?

Long before Greece became the epicenter of economic collapse from a global financial crisis, Argentina, once regarded as South America's wealthiest and financially stable countries experienced a biblical collapse of Argentine society and economy. In a vortex that would echo the 2006 financial crisis and the Troika frustrations now faced by Greece, Argentina's economic collapse in 2001 signaled an end of era of a near century old economic stability and high standard of living. From November 2001 well into 2002, the Argentine capital Buenos Aires and other major Argentine cities were rocked by protests against the government of President Fernando de la Rua, banksters (unforgivably manifested in corporate banks and financiers) and violent police repression. Millions of Argentines faced down the police and government naysayers to protest the rapid reduction of the economy by mounting debts and defaults, the well being and welfare and increasing poverty across the country. The government was forced to resign and replaced by an accountable government that the people held accountable for the recovery of the economic crisis. The current President Cristina Kirchner has been facing pressure from dissatisfied union workers, students and political opponents over the declining economy and the defaults that the Argentine government has insisted that the US bears some responsibility. The economic woes was accelerated by the 2006 financial crisis and its after shocks. 

Memoria del Saqueo: Argentina's economic collapse


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