Argentina's many years of military dictatorship (alternating with weak, short-lived democratic governments) had already caused significant economic problems prior to the 2001 crisis, particularly during the self-styled National Reorganization Process in power from 1976 to 1983. A right-wing executive, José Alfredo Martínez de Hoz, was appointed Economy Minister at the outset of the dictatorship, and a Neoliberal economic platform centered around anti-labor, monetarist policies of financial liberalization was introduced. Budget deficits jumped to 15% of GDP as the country went into debt for the state takeover of over $15 billion in private debts, for never-finished projects, higher defense spending, and the Falklands War. By the end of the military government in 1983 the foreign debt had ballooned from $8 billion to $45 billion, interest charges alone exceeded trade surpluses, industrial production had fallen by 20%, real wages had lost 36% of their purchasing power, and unemployment - calculated at 18% (though official figures claimed 5%) - was at its highest point since the Great Depression.[17]
Democracy was restored in 1983 with the election of President Raúl Alfonsín. The new government intended to stabilize the economy and in 1985 introduced austerity measures and a new currency, the austral (the first of its kind without peso in its name). Fresh loans were required to service the $5 billion in annual interest charges, however, and when commodity prices collapsed in 1986 the state became unable to service this debt.[18] During the Alfonsin administration, unemployment did not substantially increase, but real wages fell by almost half (to the lowest level in fifty years). Prices for state-run utilities, telephone service, and gas increased substantially.[19] Confidence in the Austral Plan, however, collapsed in late 1987, and inflation, which already averaged 10% per month (220% a year) from 1975 to 1988, spiraled out of control. Inflation reached 200% for the month in July 1989, peaking at 5,000% for the year. Amid riots, President Alfonsín resigned five months before the end of his term and President-elect Carlos Menem took office in July.[20]
Argentina's many years of military dictatorship (alternating with weak, short-lived democratic governments) had already caused significant economic problems prior to the 2001 crisis, particularly during the self-styled National Reorganization Process in power from 1976 to 1983. A right-wing executive, José Alfredo Martínez de Hoz, was appointed Economy Minister at the outset of the dictatorship, and a Neoliberal economic platform centered around anti-labor, monetarist policies of financial liberalization was introduced. Budget deficits jumped to 15% of GDP as the country went into debt for the state takeover of over $15 billion in private debts, for never-finished projects, higher defense spending, and the Falklands War. By the end of the military government in 1983 the foreign debt had ballooned from $8 billion to $45 billion, interest charges alone exceeded trade surpluses, industrial production had fallen by 20%, real wages had lost 36% of their purchasing power, and unemployment - calculated at 18% (though official figures claimed 5%) - was at its highest point since the Great Depression.[17]
Democracy was restored in 1983 with the election of President Raúl Alfonsín. The new government intended to stabilize the economy and in 1985 introduced austerity measures and a new currency, the austral (the first of its kind without peso in its name). Fresh loans were required to service the $5 billion in annual interest charges, however, and when commodity prices collapsed in 1986 the state became unable to service this debt.[18] During the Alfonsin administration, unemployment did not substantially increase, but real wages fell by almost half (to the lowest level in fifty years). Prices for state-run utilities, telephone service, and gas increased substantially.[19] Confidence in the Austral Plan, however, collapsed in late 1987, and inflation, which already averaged 10% per month (220% a year) from 1975 to 1988, spiraled out of control. Inflation reached 200% for the month in July 1989, peaking at 5,000% for the year. Amid riots, President Alfonsín resigned five months before the end of his term and President-elect Carlos Menem took office in July.[20]
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