Argentine economic crisis: December riots: Riots erupt in Buenos Aires, Argentina.
Argentina (Spanish pronunciation: [axentina] (listen)), officially the Argentine Republic (Spanish: Repblica Argentina), is a country in the southern half of South America. Argentina covers an area of 2,780,400 km2 (1,073,500 sq mi), making it the second-largest country in South America after Brazil, the fourth-largest country in the Americas, and the eighth-largest country in the world. It shares the bulk of the Southern Cone with Chile to the west, and is also bordered by Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and the South Atlantic Ocean to the east, and the Drake Passage to the south. Argentina is a federal state subdivided into twenty-three provinces, and one autonomous city, which is the federal capital and largest city of the nation, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system. Argentina claims sovereignty over the Falkland Islands, South Georgia and the South Sandwich Islands, and a part of Antarctica.
The earliest recorded human presence in modern-day Argentina dates back to the Paleolithic period. The Inca Empire expanded to the northwest of the country in Pre-Columbian times. The country has its roots in Spanish colonization of the region during the 16th century. Argentina rose as the successor state of the Viceroyalty of the Ro de la Plata, a Spanish overseas viceroyalty founded in 1776. The declaration and fight for independence (18101818) was followed by an extended civil war that lasted until 1861, culminating in the country's reorganization as a federation. The country thereafter enjoyed relative peace and stability, with several waves of European immigration, mainly Italians and Spaniards, radically reshaping its cultural and demographic outlook; over 60% of the population has full or partial Italian ancestry, and Argentine culture has significant connections to Italian culture.The almost-unparalleled increase in prosperity led to Argentina becoming the seventh-wealthiest nation in the world by the early 20th century. In 1896, Argentina's GDP per capita surpassed that of the United States and was consistently in the top ten before at least 1920. Currently, it is ranked 89th in the world. Following the Great Depression in the 1930s, Argentina descended into political instability and economic decline that pushed it back into underdevelopment, although it remained among the fifteen richest countries for several decades. Following the death of President Juan Pern in 1974, his widow and vice president, Isabel Pern, ascended to the presidency, before being overthrown in 1976. The following military junta, which was supported by the United States, persecuted and murdered thousands of political critics, activists, and leftists in the Dirty War, a period of state terrorism and civil unrest that lasted until the election of Ral Alfonsn as president in 1983.
Argentina is a regional power, and retains its historic status as a middle power in international affairs. A Major non-NATO ally, Argentina is a developing country that ranks 46th in the Human Development Index, the second-highest in Latin America after Chile. It maintains the second-largest economy in South America, and is a member of G-15 and G20. Argentina is also a founding member of the United Nations, World Bank, World Trade Organization, Mercosur, Community of Latin American and Caribbean States and the Organization of Ibero-American States.
The 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 followed the fifteen years stagnation and a brief period of free-market reforms.The depression, which began after 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 lived below the official poverty line and 25 percent were indigent (their basic needs were unmet); 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. Bondholders who participated in the restructuring have been paid punctually and have seen the value of their bonds rise. Argentina repaid its International Monetary Fund loans in full in 2006, but had a long dispute with the 7% of bond-holders left. In April 2016 Argentina came out of the default when the new government decided to repay the country's debt, paying the full amount to the vulture/hedge funds.