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Argentinian Financial Crisis - Essay Example
Author : watsicablaze
Pages 8 (2008 words)
The focus of this paper is lay bare the integral steps that were enacted to create the economic disaster that occurred in 2000-2001 which ultimately brought Argentina to default on almost half of its International Monetary Fund (IMF) debt of $180 billion dollars in international debt (Burbach, 2004)…
Three years after the fiasco, Argentina's economy is growing steadily. The growth is still under 10%, but there is growth and a growing sense of safety and responsibility from the government, creating a very positive outlook for Argentina to emerge in years to come as a dominant presence in Latin America.
Globalization is a series of links that a country has with foreign countries. Globalization in essence links a country's economy to other economies so that there is a web of interdependence throughout all linked economies thereby creating a global economy.
In a recent report in Latin Business Chronicle (LBC), Argentina was ranked as the 'least-globalise' country in Latin America (Bamrud, 2005). LBC utilized 6 factors to measure each country's level of globalization. These factors included:
This is an important Index that LBC created in that it allows investors, and other interested parties an opportunity to view Argentina in an extremely objective light. Remittances, money sent back home by family members working abroad, is an area that is steadily growing for Argentina. A report prepared by the American Immigration Law Foundation (AILF) states, 'remittances area sign of family values, a part of human nature. They are a form of helping one's family. ...