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Argentina's Currency Is Unpegged In Four Days And The Country StopsMARCH 12, 2002 · 13:30
The largest default in the history of an industrial economy began with a government announcement that it would not repay three debts, and finished with people walking home because there were no buses.
A BANK. THE QUEUE WAS LONG ENOUGH TO WRAP AROUND IT.
( FILE PHOTO )
A BANK. THE QUEUE WAS LONG ENOUGH TO WRAP AROUND IT.
BUENOS AIRES, March 12 -- Argentina's currency entered a fourth consecutive day of steep decline this afternoon, having fallen by roughly a quarter in a week, and the government imposed banking restrictions on Saturday after depositors began withdrawing dollars faster than the central bank could count them.
The government has said the economy will recover. It has said this before. The number of unemployment has passed thirty percent, which the government has confirmed by releasing the figure itself.
Corrections: none so far. Published items are never corrected, they are replaced,
and the replacement keeps the original in the archive, where nobody will look for it.
COMMENTS (191) — showing the 6 that survived moderation
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IL
I_AM_A_LAWYER
Joined: Sep 2001 · Posts: 712
· Manhattan · 2 minutes later
buy the stock. i am not a financial adviser. i am a man with a modem.
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SuburbanSamaritan
Joined: Nov 2002 · Posts: 420
· Columbus, OH · an hour later
my 401k has a word for what this is called and the word is 'no'
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TanktopTony
Joined: Jul 1999 · Posts: 5233
· Tampa, FL · same afternoon
TanktopTony wrote:
the stock did exactly what the company said it would do, which is the definition of a stock honestly? the numbers were fine. i looked at the numbers. the numbers were FINE. somebody explain the numbers to me again.
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TheQuietOne99
Joined: Feb 2000 · Posts: 1899
· Leeds · that evening
i work in the industry (i do not want to say where) and everything in this article is correct, which is rare, and wrong about the timeline, which is also rare.
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JT
just_passing_through
Joined: Dec 2003 · Posts: 34
· nowhere in particular · the next morning
just_passing_through wrote:
Argentina's Currency Is Unpegged In Four Days And The Country Stops the stock did exactly what the company said it would do, which is the definition of a stock
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