Argentina Location : Southern South America, bordering the South Atlantic Ocean, between Chile and Uruguay
Capital City : Buenos Aires
Curreny : Argentine peso (ARS)
Languages Spoken : Spanish (official), English, Italian, German, French
Climate : mostly temperate; arid in southeast; subantarctic in southwest
National Holiday : Revolution Day, 25 May (1810)
Background Information
Following independence from Spain in 1816, Argentina experienced periods of internal political conflict between conservatives and liberals and between civilian and military factions. After World War II, a long period of Peronist authoritarian rule and interference in subsequent governments was followed by a military junta that took power in 1976. Democracy returned in 1983, and numerous elections since then have underscored Argentina's progress in democratic consolidation.
Geographical Note
second-largest country in South America (after Brazil); strategic location relative to sea lanes between the South Atlantic and the South Pacific Oceans (Strait of Magellan, Beagle Channel, Drake Passage); Cerro Aconcagua is South America's tallest mountain, while the Valdes Peninsula is the lowest point on the continent
Economy
Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. However, when President Carlos MENEM took office in 1989, the country had piled up huge external debts, inflation had reached 200% per month, and output was plummeting. To combat the economic crisis, the government embarked on a path of trade liberalization, deregulation, and privatization. In 1991, it implemented radical monetary reforms which pegged the peso to the US dollar and limited the growth in the monetary base by law to the growth in reserves. Inflation fell sharply in subsequent years. In 1995, the Mexican peso crisis produced capital flight, the loss of banking system deposits, and a severe, but short-lived, recession; a series of reforms to bolster the domestic banking system followed. Real GDP growth recovered strongly, reaching 8% in 1997. In 1998, international financial turmoil caused by Russia's problems and increasing investor anxiety over Brazil produced the highest domestic interest rates in more than three years, halving the growth rate of the economy. Conditions worsened in 1999 with GDP falling by 3%. President Fernando DE LA RUA, who took office in December 1999, sponsored tax increases and spending cuts to reduce the deficit, which had ballooned to 2.5% of GDP in 1999. Growth in 2000 was a negative 0.5%, as both domestic and foreign investors remained skeptical of the government's ability to pay debts and maintain the peso's fixed exchange rate with the US dollar. The economic situation worsened still further in 2001 with the widening of spreads on Argentine bonds, massive withdrawals from the banks, and a further decline in consumer and investor confidence. Government efforts to achieve a "zero deficit", to stabilize the banking system, and to restore economic growth proved inadequate in the face of the mounting economic problems. At the start of 2002, newly elected president Eduardo DUHALDE met with IMF officials to secure an additional $20 billion loan, but immediate action seemed unlikely. The peso's peg to the dollar was abandoned in January 2002, and the peso was floated from the dollar in February; inflation picked up rapidly.
Religions
nominally Roman Catholic 92% (less than 20% practicing), Protestant 2%, Jewish 2%, other 4%
Ports : Bahia Blanca, Buenos Aires, Comodoro Rivadavia, Concepcion del Uruguay, La Plata, Mar del Plata, Necochea, Rio Gallegos, Rosario, Santa Fe, Ushuaia
International Disputes - Risks to travellers
: claims UK-administered Falkland Islands (Islas Malvinas); claims UK-administered South Georgia and the South Sandwich Islands; territorial claim in Antarctica partially overlaps British and Chilean claims
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