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The 1998–2002 Argentine Great Depression was an economic depression in Argentina which began in the third quarter of 1998 and lasted until the second quarter of 2002. It almost immediately followed the 1974–1990 Great Depression after a brief period of rapid economic growth.〔 The depression, which began due to the Russian and Brazilian financial crises,〔 caused widespread unemployment, riots, the fall of the government, a default on the country's foreign debt, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar.〔 The economy shrank by 28 percent from 1998 to 2002.〔〔 In terms of income, over 50 percent of Argentines were poor and 25 percent, indigent; seven out of ten Argentine children were poor at the depth of the crisis in 2002.〔〔 By the first half of 2003, however, GDP growth had returned, surprising economists and the business media, and the economy grew by an average of 9% for five years. Argentina's GDP exceeded pre-crisis levels by 2005, and Argentine debt restructuring that year were resumed payments on most of its defaulted bonds; a second debt restructuring in 2010 brought the percentage of bonds out of default to 93%, though holdout lawsuits led by vulture funds remained ongoing.〔(【引用サイトリンク】title=Banks Fear Court Ruling in Argentina Bond Debt )〕 Bondholders who participated in the restructuring have been paid punctually and have seen the value of their bonds rise.〔(【引用サイトリンク】title=Billionaire Hedge Funds Snub 90% Returns )〕〔(【引用サイトリンク】title=Argentina Seeks to Restructure Debt Held by Vulture Funds )〕 Argentina repaid its IMF loans in full in 2006,〔(【引用サイトリンク】title=Todo en un pago y chau al Fondo )〕 but as of 2014, the bond default had not been completely resolved. ==Origins== (詳細は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.〔(【引用サイトリンク】title=El derrumbe de salarios y la plata dulce )〕 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. 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.〔(【引用サイトリンク】publisher=Orlando Sentinel )〕 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.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「1998–2002 Argentine great depression」の詳細全文を読む スポンサード リンク
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