The truth about the failure of "argentinian miracle"


Much of the money flowed in neighboring Brazil. In our assessment, the U.S. could escape relatively small amounts - a few billion dollars, as the entire flow of private foreign capital from Argentina in 2001 is estimated at $ 7.2 billion. Total direct U.S. investment in Argentina is about $ 29 billion, of course, the Bush administration's position on the financial aid crisis countries stiffer than the previous approach of American leadership. However, during the Bush administration, Argentina has been very significant resources - natural, with the mediation of the IMF, in which the U.S. is the largest shareholder. States are estimated at about 18% of the capital of the Fund, and the U.S. position in the allocation of aid, as a rule, is crucial. In 2001, the net proceeds to Argentina via multilateral and bilateral official financing amounted to $ 11.5 billion.

When the Argentine government, despite all the financial investment, has lost control over the economic situation in the country and did not have an effective program to overcome the crisis, the United States chose not to risk still remaining unpaid amounts (approximately $ 9 billion from the IMF and $ 5 billion from other international financial organizations).

Large losses suffered and still suffer the American (and not only) and banks as a result of the devaluation of the Argentine peso and the suspension of payments on foreign obligations.

Billions in losses due to the inability to get after the devaluation charge for equipment sold on credit are operating in Argentina, American telecommunications companies. Due to the fact that the Argentine government fees for payment of energy services transferred from dollars to pesos and imposed a ban on their increase, growing losses of U.S. and European energy companies in the country occupying the dominant position.

Losses were also European companies and banks, which have invested heavily in Argentina. So, for example, the damage of Spain is estimated at $ 9.7 billion (from $ 26 billion in direct investment this country).

Interesting in this regard, the situation in Brazil. The economy of this country, which is an important economic partner of Argentina, in 2001, were influenced by several adverse factors, including the collapse of the "Argentine miracle." Decreased (to 1%) growth, decreased (by 20%), foreign direct investment. Brazil is in the top ten of the world in terms of GDP. Therefore, further development of the situation in this country is of interest: Does it not threatened a chain reaction first crisis in Latin America, and later in other countries?


In Brazilian - not our ...

Negative impact on Brazil's Argentine doubt. It is, in particular, resulted in the reduction of exports to Argentina finished products. For a more objective evaluation consider in comparing the dynamics of stock markets of Argentina, Brazil, and Russia. We use for this purpose indices, published by Standard & Poor's - a global index (S & P / IFCG), covering 60% to 75% of the market capitalization of all passing Exchange listed shares and equity index (S & P / IFCI), available to foreign portfolio investors.