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Argentina

President Fernando de la Rua of the UCR centre-left Alliance, elected to a four-year term in 1999, promised a crackdown on corruption and tough fiscal measures to balance Argentina's budget. But after four years of recession and with an unemployment rate of more than 20%, the Argentine people had had enough. De la Rua's austerity plans prompted nationwide strikes and demonstrations, which grew violent after the government instituted harsh restrictions on bank withdrawals. Argentina plunged into economic and political turmoil in December 2001 when it defaulted on a 132000000000.00 loan repayment - the largest default in history. De la Rua and many of his government ministers resigned amid rioting, looting and widespread civil chaos in which 27 people were killed.

On January 1, 2002, Eduardo Duhalde became Argentina's fifth president in two weeks. A staunch Perónist, Duhalde took a populist and protectionist stance, though his background was mired in rumours of corruption. To achieve a more realistic economy (and to secure assistance from the International Monetary Fund) Duhalde unpegged the peso from the dollar, which caused the peso to lose almost 70% of its value.

and then in 2002:
Saturday, 20 April, 2002, 07:26 GMT 08:26 UK
Argentina closes all banks

followed by:
2002 November - Argentina defaults on an $800m debt repayment to the World Bank, having failed to re-secure IMF aid. The World Bank says it will not consider new loans for the country.
Resulting in the bankrupt of the country.

Stories of the people.

So what will be the situation in November 2007, 5 years after the bankrupt of Argentina?
To be continued ;)

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