Resolution of the Argentine Debt Crisis

A Plan for the Resolution of the Argentine Debt Crisis
 
INTRODUCTION:
 
Over the past five years Argentina has suffered from one of the worst economic crises of its history. Mired by currency devaluation, diminished business confidence, contracting GDP, and a large current accounts deficit, the Argentine economy is, at very best, weak. Of its problems, Argentina’s international debt is of greatest concern. Servicing the debt has created a large financial burden for the Argentine government limiting the steps it has been able to take to stimulate economic growth. Since temporarily stopping payment on US$132 billion of debt in 2001 , Argentina has experienced some economic expansion, but this growth has come with large costs.…show more content…
These policies will work to support Argentina in its write-down negotiations with creditors. Commitment to fiscal and trade reform, combined with a strong peso, will reduce uncertainty about the creditworthiness of Argentina and will restart the process of long-run economic growth.
 
DEBT HISTORY:
 
Argentina’s trouble with debt began with a military coup d’etat in 1976. The “Regime”, as the military government was called, ruled for seven years, during which it drastically increased the country’s public debt. When the Regime was overthrown, what was a reasonable $7.8 billion foreign debt had become a $46 billion debt. Much of this increase can be attributed to the nationalization of loan debts owed by private companies. Repayment of these debts became the responsibility of the Argentine people, who had neither approved nor benefited from the loans. The illegally inherited debt left the newly elected government with the dilemma of having to stimulate a troubled economy while devoting a significant portion of GDP to servicing the debt. Argentina’s debt problem was worsened in 1991 when the Argentine government passed the Convertibility Law and pegged the peso to the U.S. dollar. From that point on all loans granted to Argentina were dollar-denominated. This proved to have a detrimental effect on the level of debt when, in 2001, the
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