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73-572: A neighborhood local, the legendary tango composer Homero Manzi , set a very popular tango ( Sur ) in Nueva Pompeya, describing a melancholy landscape (“ Pompeya and beyond the flood ”) that, even today, defines much of the district's physionomy . Nueva Pompeya was given its name by the faithful of the Virgin of the Rosary of Pompeya, raised in 1900 by Capuchin monks. Until then, it was often referred to as

146-615: A bank run . On 2 December, the government enacted measures, informally known as the corralito , which allowed for only minor sums of cash to be withdrawn, initially $ 250 a week. The freeze enraged many Argentines who took to the streets of important cities, especially Buenos Aires. They engaged in protests that became known as cacerolazo (banging pots and pans). The cacerolazos began as noisy demonstrations but soon included property destruction, often directed at banks, foreign-owned privatized companies, and, especially, big American and European companies. Confrontations between

219-417: A deteriorated portrait on the verge of being disposed of by incineration; without knowing whose portrait it was, he became enamored with it while observing the burning canvas. The portrait was of the Virgin of Rosario, flanked by Santo Domingo and St. Catherine of Siena . Becoming a fervent devotee, he began to spread its cult and years later, he migrated to Argentina, where he settled in a riverbank area on

292-477: A few months, the exchange rate was mostly a floating exchange rate . The peso further depreciated, which prompted increased inflation. Argentina depended heavily on imports but then could not replace them locally. Inflation and unemployment worsened during 2002. Then, exchange rate had reached nearly 4 pesos per dollar, and the accumulated inflation since the devaluation was about 80%, considerably less than predicted by most orthodox economists. The quality of life of

365-596: A helicopter on 21 December. Following the presidential succession procedures established in the Constitution of Argentina , the Senate chairman was next in the line of succession in the absence of the president and the vice-president. Accordingly, Ramón Puerta took office as a caretaker head of state , and the Legislative Assembly (a joint session of both chambers of Congress) was convened. Adolfo Rodríguez Saá ,

438-458: A major buyer of Argentina's soy products. The government encouraged import substitution and accessible credit for businesses, staged an aggressive plan to improve tax collection, and allocated large sums for social welfare but controlled expenditure in other fields. The peso slowly rose, reaching a 3-to-1 rate to the dollar. Agricultural exports grew and tourism returned. The huge trade surplus ultimately caused such an inflow of dollars that

511-432: A means of payment was quite uneven. It was hoped that convertibility would restore public confidence, and the non-convertible nature of this currency would allow for a measure of fiscal flexibility (unthinkable with pesos) to ameliorate the crippling recession. Critics called the plan merely a "controlled devaluation" but its advocates countered that since controlling a devaluation is perhaps its thorniest issue, that criticism

584-568: A monthly rate of about 20 per cent in April 2002. In contrast, Hong Kong was able to successfully defend its currency board arrangement during the Asian financial crisis, a major stress test for the arrangement. Although there is no clear consensus on the causes of the Argentine crisis, there are at least three factors that are related to the collapse of the currency board system and ensuing economic crisis: While

657-552: A prominent advocate of dollarization , and members of the board of directors had overlooked money laundering within Argentina's financial system. Clearstream was accused of being instrumental in this process. Other Latin American countries, including Mexico and Brazil (both important trade partners for Argentina) faced economic crises of their own, leading to mistrust of the regional economy. The influx of foreign currency provided by

730-434: A respected economist with centrist views, showed a considerable aptitude at managing the crisis, with the help of heterodox measures. The economic outlook was completely different from that of the 1990s. The devalued peso made Argentine exports cheap and competitive abroad and discouraged imports. In addition, the high price of soybeans in the international market produced massive amounts of foreign currency; China became

803-529: A result of economic policies that adversely affected production, rather than as a result of shifting markets. Nevertheless, many factories remain and others still function as warehouses and factory outlets. Next to Doctor Antonio Sáenz railway station, on the corner of Sáenz and Moreno Avenues, the Buenos Aires Bird Fair operates every Sunday. The fair is renowned for its variety of songbirds, particularly canoras . The Chinese Bar, on Beazley Street,

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876-405: A swap: longer-term, higher-interest bonds would be exchanged for bonds due in 2010. The "megaswap" ( megacanje ), as Cavallo referred to it, was accepted by most bondholders, and it delayed up to $ 30 billion in payments that would have been due by 2005; but it also added $ 38 billion in interest payments in the out years; of the $ 82 billion in bonds that eventually had to be restructured (triggering

949-432: A tango hall located in the corner of Corrales St. and La Plata Avenue, bordering the district of Nueva Pompeya. Over the years numerous tango halls such as the historic Chinese Bar opened and now-legendary names, such as Homero Manzi, created much of their best work there, making Nueva Pompeya the true cradle of tango. According to account history, in the city of Pompeii , (Italy), recently sanctified Bartolo Longo noticed

1022-550: A wave of holdout lawsuits), 60% were issued during the 2001 megaswap. Cavallo also attempted to curb the budget crisis by instituting an unpopular across-the-board pay cut in July of up to 13% to all civil servants and an equivalent cut to government pension benefits, De la Rúa's seventh austerity round —triggering nationwide strikes, and from August, it paid salaries of the highest-paid employees in IOUs instead of money. That further depressed

1095-501: Is a representative institution of the district. It was installed by tango vocalist Jorge “Chino” Garcés and is frequented tango fans in search of an authentic atmosphere. Among the bar's regulars is the Spanish actor José Sacristán , who divides his time between Buenos Aires and Spain. The tango heritage of the district is owed to a great extent to lyricist Homero Manzi . In the corner of Tabaré and Del Barco Centenera Streets, mentioned in

1168-629: The Maria Adelia Pulperia , which had a patio so large that it served as a field hospital during the 1880 conflict between the Nation and secessionist factions in Buenos Aires . Over the course of the twentieth century the district developed its present urban aspect. In 1938 a bridge adorned with arcs and columns of rubblework in neo-colonial style was opened on the Matanza river. A district landmark, it

1241-555: The US Treasury , which would lend to the government below market rates if it complied with conditions. Several more rounds of belt-tightening followed. José Luis Machinea resigned in March 2001. He was replaced with Ricardo López Murphy , who lasted less than three weeks in office before being replaced with Cavallo. Standard and Poor's cut the credit rating of the country's bonds to B− in July 2001. Cavallo reacted by offering bondholders

1314-507: The privatization of state companies had ended. After 1999, Argentine exports were harmed by the devaluation of the Brazilian real against the dollar. A considerable international revaluation of the dollar directly weakened the peso relative to Argentina's trading partners: Brazil (30% of total trade flows) and the eurozone (23% of total trade flows). After having grown by over 50% from 1990 to 1998, Argentina's GDP declined by 3% in 1999 and

1387-536: The "district of the Frogs." The term “frog”, in the Buenos Aires vernacular, refers to the "street-wise" man, and, indeed, many of Nueva Pompeya's youth are thought of this way to the present day. Nueva Pompeya was largely built on the alluvial plain north of the Riachuelo and, at the time, it was subject to frequent flooding. It was consequently thinly populated, and was notorious for its poverty and high crime rate. Until

1460-517: The 1930s, when industries began setting up in the area, most locals worked in the large slaughterhouse in neighboring Parque Patricios . Sáenz Avenue, which leads through Nueva Pompeya, is still sometimes referred to as "the street of bones", for the many cattle that died on their way to the slaughterhouse, early in the twentieth century. The area was also well known for its many pulperías , seedy saloons frequented by cutlers, carriers and guitarists. Two are still preserved as museums: La Blanqueada and

1533-412: 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-labour , monetarist policies of financial liberalization was introduced. Budget deficits jumped to 15% of GDP as

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1606-537: The Argentine peso, however, shows that even a currency board arrangement cannot be completely safe from a possible collapse. When the peso was first linked to the U.S. Dollar at parity in February 1991 under the Convertibility Law, initial economic effects were quite positive: Argentina's chronic inflation was curtailed dramatically and foreign investment began to pour in, leading to an economic boom. Over time, however,

1679-517: The Buenos Aires southside and preached the virtue of the "Virgin of the Rosary of Pompeya" to all and sundry. The then-undeveloped area soon became Nueva Pompeya and the saints in the portrait soon graced the names of two of the area's main streets. On May 14, 1896, the first stone is blessed for the construction of a chapel on land donated by the ladies of St. Vincent de Paul of the parish of neighboring San Cristóbal . Its construction, directed by

1752-539: The IMF in January ;2006  ( 2006-01 ) ). The downside of this reserve accumulation strategy is that US dollars had to be bought with freshly issued pesos, which risked inflation. The Central Bank sterilized its purchases by buying Treasury letters. In this way the exchange rate stabilised to about 3:1. The currency exchange issue was complicated by two opposing factors: a sharp increase in imports since 2004, which raised

1825-503: The IMF refused to release a US$ 1.3 billion tranche of its loan, citing the failure of the Argentine government to reach its budget deficit targets, and it demanded budget cuts, 10% of the federal budget. On 4 December, Argentine bond yields stood at 34% over U.S. treasury bonds, and, by 11 December, the spread jumped to 42%. By the end of November 2001, people began withdrawing large sums of dollars from their bank accounts , turning pesos into dollars, and sending them abroad, which caused

1898-483: The Nueva Pompeya Social and Cultural Complex, formed by employees, retailers and workers to encourage improvements to the area habitat. Since 2000 they have helped address the needs of Nueva Pompeya's many needy with community dining halls, among them Juanita's Little House on 1340 Sáenz Avenue. Neighborhood activist Juana Isabel Fernandez, a worker made unemployed during the economic crisis at that time, opened

1971-408: The Rosary of Nueva Pompeya remains among the most visited and architecturally significant in Buenos Aires. 34°39′S 58°25′W  /  34.650°S 58.417°W  / -34.650; -58.417 Homero Manzi Homero Nicolás Manzione Prestera , better known as Homero Manzi (November 1, 1907 – May 3, 1951) was an Argentine tango lyricist, author of various famous tangos. He

2044-577: The South American continent, they developed a distinct culture grounded in Europe and, still, all their own. In that lay the origins of tango . Tango was at first often danced (or, moved to) without a partner along the borders of the Riachuelo . First performed where the Alsina Bridge is today located, it gained national and, after 1930, international popularity. It was first reportedly danced by pairs in

2117-506: The architect and painter Augusto César Ferrari , proceeded rapidly and the Church of the Rosary of Nueva Pompeya was consecrated on June 29, 1900, becoming a parish in 1905. This house of worship is very distinctive in the area with its Gothic Revival architecture, a style that became popular in other areas of Buenos Aires. Dominated by a single tower, the large windows on the nave decorated with wonderful stained-glass windows of German origin in

2190-553: The arts. In 1935 he participated in the beginnings of FORJA (Fuerza de Orientación Radical de la Joven Argentina – Force of Radical Orientation of the Young in Argentina), group whose position has been classified as “peoples nationalism”. It was centered almost exclusively in the problems in Argentina and Latin America. They manifested to “reconquer the political Sunday from our own land” since it

2263-488: The average Argentine was lowered proportionally. Many businesses closed or went bankrupt, many imported products became virtually inaccessible, and salaries were left as they were before the crisis. Since the supply of pesos did not meet the demand for cash (even after the devaluation), complementary currencies kept circulating alongside them. Fears of hyperinflation as a consequence of devaluation quickly eroded their attractiveness. Their acceptability now ultimately depended on

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2336-573: The center and continues to run it with the help of the Nueva Pompeya Social and Cultural Complex and other locals. The provident arrival of European immigrants after 1880 practically reinvented Buenos Aires. They mostly settled in the Southern areas of the city where today many of their descendants remain. In addition to the district of Nueva Pompeya, they made homes in the districts of La Boca and Barracas , where they often lived in precarious houses they built themselves. As they initiated their new lives in

2409-432: The church were built with rubble from the A.D. 79 destruction of the namesake city; the church was expanded in the 1920s to accommodate the growing numbers of faithful. The church, in addition, exhibits an ornate wall clock imported by Father Agustín de Pamplona from Spain in 1923. Not until 1935 however did bells begin to sound at the Church, after their installation by local expert watchmaker Enrique Borneman. The Church of

2482-535: The city opened a Natatorium (indoor pool) of 27 meters in length. The Social and Cultural Complex of Nueva Pompeya, founded by Carlos Valdisseri, one of the founders of the Working Catholic Circle, was until recently directed by his son, Father Jorge Valdisseri, who died at the age of 91. The district is also home to one of the city's largest slums ( villas miserias , in the Argentine vernacular). Swollen by migration from Argentina's impoverished rural areas in

2555-413: The country entered what became a three-year-long recession . President Fernando de la Rúa was elected in 1999 on a reform platform that nevertheless sought to maintain the peso's parity with the dollar. He inherited a country with high unemployment (15%), lingering recession, and continued high levels of borrowing. In 1999, economic stability became economic stagnation (even deflation at times), and

2628-550: The country went into debt for the state takeover of over $ 15 billion in private debts as well as unfinished 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%),

2701-524: The currency crisis is over, the debt problem has not been completely resolved. The government of Argentina ceased all debt payments in December 2001 in the wake of persistent recession and rising social and political unrest. In 2004, the Argentine government made a 'final' offer amounting to a 75 per cent reduction in the net present value of the debt. Foreign bondholders rejected this offer and asked for an improved offer. In early 2005, bondholders finally agreed to

2774-443: The demand for dollars, and the return of foreign investment, which brought fresh currency from abroad, after the successful restructuring of about three-quarters of the external debt. The government set up controls and restrictions aimed at keeping short-term speculative investment from destabilising financial markets. The country faced a potential debt crisis in late July 2014, when a New York judge ordered Argentina to pay hedge funds

2847-443: The economic measures taken did nothing to avert it. The government continued its predecessor's economic policies. Devaluing the peso by abandoning the exchange peg was considered political suicide and a recipe for economic disaster. By the end of the century, complementary currencies had emerged. While the provinces of Argentina had always issued complementary currency in the form of bonds and drafts to manage shortages of cash,

2920-721: The end of De la Rúa's term. Rodríguez Saá's economic team came up with a scheme designed to preserve the convertibility regime, dubbed the "Third Currency" Plan. It consisted of creating a new, non-convertible currency, the Argentino , that would coexist with convertible pesos and US dollars. It would circulate as cash, or but not in checks, promissory notes, or other instruments, which could be denominated in pesos or dollars. It would be partially guaranteed with federally managed land to counterbalance inflationary tendencies. Argentines having legal status would be used to redeem all complementary currency already in circulation; their acceptance as

2993-452: The end of the year. The Legislative Assembly convened again, appointing Peronist Senator Eduardo Duhalde of Buenos Aires Province , who had been the runner-up in the 1999 race for the presidency. In January 2002, after much deliberation, Duhalde abandoned the fixed exchange rate that had been in place for ten years. In a matter of days, the peso lost a large part of its value in the unregulated market. A provisional "official" exchange rate

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3066-509: The first half of 2003, 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 resulted in 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

3139-488: The form of pointed arcs that represent the fifteen mysteries of the Saint Rosary. Small lateral towers were forged out of iron, as was the ornate main portal. Inside, oil portraits of 19th century merchant clippers and historical events line the walls and religious figures grace the main hall, accented also by religious statues. In the centre of the patio there is a bronze monument to the Virgin of Pompeii. Several portions of

3212-522: The government to freeze spending and cut retirement benefits again. In early November, Standard & Poor's placed Argentina on a credit watch, and a treasury bill auction required paying 16% interest (up from 9% in July, the second-highest rate of any country in South America at the time. Rising bond yields forced the country to turn to major international lenders, such as the IMF, the World Bank , and

3285-400: The government was forced to begin intervening to keep the peso from rising further, which would have adversely affected budget balances by limiting export tax revenues and discouraged further reindustrialisation. The central bank started rebuilding its dollar reserves. By December 2005, foreign currency reserves had reached $ 28 billion (they were later reduced by the payment of the full debt to

3358-456: The governor of San Luis Province , was eventually appointed as the new interim president. During the last week of 2001, the administration defaulted on the larger part of the public debt, US$ 132 billion, a seventh of all the money borrowed by the Third World . Politically, the most heated debate involved the date of the following elections. Proposals ranged from March 2002 to October 2003,

3431-555: The levels as excessive, the IMF advised the government to balance its budget by implementing austerity measures to sustain investor confidence. The De la Rúa administration implemented $ 1.4 billion in cuts in its first weeks in office in late 1999. In June 2000, with unemployment at 14% and projections of 3.5% GDP for the year, austerity was furthered by $ 938 million in spending cuts and $ 2 billion in tax increases. GDP growth projections proved to be overly optimistic (instead of growing, real GDP shrank 0.8%), and lagging tax receipts prompted

3504-600: The month in July 1989, peaking at 5000% for the year. Amid riots , Alfonsín resigned five months before the end of his term; Carlos Menem took office in July. After a second bout of hyperinflation , Domingo Cavallo was appointed Minister of the Economy in January 1991. On 1 April, he fixed the value of the austral at 10,000 per US dollar . Australs could be freely converted to dollars at banks. The Central Bank of Argentina had to keep its US dollar foreign-exchange reserves at

3577-515: The north and from Argentina's northern neighbor, Bolivia , its inhabitants are mostly manual laborers, particularly seamstresses. The district is crossed by numerous divided along the middle by Sáenz Avenue, which unites Nueva Pompeya with Valentin Alsina, in the Province of Buenos Aires . In both, metallurgical and meat-packing plants dominated the labor market until they began to close after 1980, often as

3650-445: The peso appreciated against the majority of currencies as the U.S. Dollar became increasingly stronger in the second half of the 1990s. A strong peso hurt exports from Argentina and caused a protracted economic downturn that eventually led to the abandonment of the peso-dollar parity in 2002. This change, in turn, caused severe economic and political distress in the country. The unemployment rate rose above 20 per cent and inflation reached

3723-518: The police and citizens became common, and fires were set on Buenos Aires avenues. De la Rúa declared a state of emergency , but the situation worsened, precipitating the violent protests of 20 and 21 December 2001 in Plaza de Mayo , where clashes between demonstrators and the police ended up with several people dead and precipitated the fall of the government. De la Rúa eventually fled the Casa Rosada in

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3796-554: 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. Argentina's many years of military dictatorship (alternating with weak, short-lived democratic governments) had already caused significant economic problems prior to

3869-504: The restructuring, under which they took a cut of about 70 per cent on the value of their bond holdings. When a short boom in the early 1990s of portfolio investment from abroad ended in 1995, Argentina became reliant on the IMF to provide the country with low-interest access to credit and to guide its economic reforms. When the recession began in 1999, the national deficit widened to 2.5% of GDP, and its external debt surpassed 50% of GDP. Seeing

3942-448: The rise of alternative currencies and the end of the peso 's fixed exchange rate to the US dollar . The economy shrank by 28 per cent from 1998 to 2002. In terms of income, over 50 per cent of Argentines lived below the official poverty line and 25 per cent were indigent (their basic needs were unmet); seven out of ten Argentine children were poor at the depth of the crisis in 2002. By

4015-519: The same level as the cash in circulation . The initial aim of such measures was to ensure the acceptance of domestic currency because after the 1989 and 1990 hyperinflation, Argentines had started to demand payment in US dollars. This regime was later modified by a law ( Ley de Convertibilidad ) that restored the Argentine peso as the national currency. The convertibility law reduced inflation sharply, preserving

4088-461: The scale of such borrowing reached unprecedented levels during this period. They became called "quasi-currencies", the strongest of them being Buenos Aires 's Patacón . The national government issued its own quasi-currency, the LECOP . In a 2001 interview, journalist Peter Katel identified three factors that converged "the worst possible time" that made the Argentine economy unravel: The 2002 crisis of

4161-778: The screenplay for Con el dedo en el gatillo ("Finger on the trigger") (1940) Fortín alto ("High Fort") (1940), and The Gaucho War (1942). At the 1943 Argentine Film Critics Association Awards , Manzi and Murat won the Silver Condor Award for Best Adapted Screenplay for their screenplay of The Gaucho War which proved highly successful. The early death of the poet was caused by cancer on Thursday, May 3, 1951. Argentine economic crisis (1999-2002) Economy of Argentina Argentine peso Convertibility plan Corralito Corralón Cacerolazo 2001 riots Apagón Economic emergency law Debt restructuring The 1998–2002 Argentine great depression

4234-494: The screenplay for Nobleza Gaucha in 1937 in collaboration with Hugo Mac Dougall , and a new version of the silent movie of 1915, Huella ("Footprint") (1940), for which they received second prize from Buenos Aires City Hall. He also worked in Confesión ("Confession") (1940), without achieving commercial success with any of these movies. In 1940 Manzi started what would be a long collaboration with Ulyses Petit de Murat , writing

4307-538: 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. Confidence in the plan, however, collapsed in late 1987, and inflation, which had already averaged 10% per month (220% per year) from 1975 to 1988, spiraled out of control. Inflation reached 200% for

4380-516: The state's irregular willingness to take them as payment of taxes and other charges. While the regional currency was frequently accepted at the same value as the peso, Entre Ríos Province 's Federal fared among the worst, discounted by an average 30% as even the provincial government that had issued them was reluctant to accept them. There were also frequent rumors that the first state would banish complementary currency overnight, leaving their holders with useless printed paper. Aerolíneas Argentinas

4453-474: The tango Mano Blanca (“White Hand”), a mural containing the lyrics of the tango memorializes Manzi; but, mainly, it emphasizes that Nueva Pompeya is a place of legend in tango. Neighborhood artists designed an emblem for Nueva Pompeya. It shows the church, Alsina bridge, bandoneón and the figure of an intellectual who tightens with his hand, in greeting signal, the arm of a worker. The district has an extraordinary tradition of social assistance societies, like

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4526-481: The unemployment rate, nearly 25%. Argentine agricultural products were rejected in some international markets for fear that they might have been damaged by the chaos. The US Department of Agriculture put restrictions on Argentine food and drug exports. Duhalde eventually stabilised the situation somewhat and called for elections. On 25 May 2003, Néstor Kirchner took office as the new president. Kirchner kept Duhalde's Minister of Economy, Roberto Lavagna . Lavagna,

4599-520: The value of the currency. That raised the quality of life for many citizens, who could again afford to travel abroad, buy imported goods or ask for credit in dollars at traditional interest rates. The fixed exchange rate reduced the cost of imports, which produced a flight of dollars from the country and a massive loss of industrial infrastructure and employment in industry . Argentina, however, still had external public debt that it needed to roll over. Government spending remained too high, and corruption

4672-508: The weakened economy, the unemployment rate rose to 16.4% in August 2001 up from a 14.7% a month earlier, and it reached 20% by December. Public discontent with the economic conditions was expressed in the nationwide election . De la Rúa's alliance lost its majority in both chambers of Congress. Over 20% of voters chose to give blank or defaced ballots rather than indicate support of any candidate. The crisis intensified when, on 5 December 2001,

4745-481: Was a praise in disguise. The plan had enthusiastic supporters among mainstream economists (the most well-known being perhaps Martín Redrado , a former Banco Central de la República Argentina president) citing technical arguments. However, it was not implemented because the Rodríguez Saá government lacked the required political support. Rodriguez Saá lost the support of his own Justicialist Party and resigned before

4818-519: Was an economic depression in Argentina , which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of 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,

4891-467: Was at its highest point since the 1929 Great Depression . 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 Argentine 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,

4964-516: Was born on November 1 of 1907 in Añatuya (province of Santiago del Estero ), Argentina. Manzi was interested in literature and tango since he was young. After a brief incursion in journalism, he worked as a literature and Spanish professor but for political reasons (in addition to his membership in the Unión Cívica Radical ) he was expelled from his professorship and decided to dedicate himself to

5037-520: Was considered that the country was still in a colonial situation. In relation to the European conflict at the time, it supported a neutral position sustaining that there was no great interest was in play in Argentina or Latin America, it was more of a rejection position towards fascism just as much as communism. In 1934 Manzi founded Micrófono ("Microphone") magazine which covered subjects related to radio telephony, Argentine movies and film making. He wrote

5110-404: Was first called Valentín Alsina Bridge and renamed after de facto President José Félix Uriburu following his death in 1932. The original name was restored in 2002. The district's residential areas are mostly one-story rowhouses. Nueva Pompeya is served by a number of community services. In 1940 the Working Catholic Circle opened on a 2-acre (8,100 m) lot on 1342 Sáenz Avenue, and in 1965

5183-428: Was one of the most affected Argentine companies, canceling all international flights for various days in 2002. The airline came close to bankruptcy but survived. Several thousand homeless and jobless Argentines found work as cartoneros , cardboard collectors. An estimate in 2003 had 30,000 to 40,000 people scavenging the streets for cardboard to sell to recycling plants. Such desperate measures were common because of

5256-417: Was rampant. Argentina's public debt grew enormously during the 1990s without showing that it could service the debt. The IMF kept lending money to Argentina and extending its payment schedules. Massive tax evasion and money laundering contributed to the movement of funds toward offshore banks . A congressional committee started investigations in 2001 over accusations that Central Bank Governor Pedro Pou ,

5329-623: Was set at 1.4 pesos per US dollar. In addition to the corralito , the Ministry of Economy dictated the pesificación ; all bank accounts denominated in dollars would be converted to pesos at an official rate. Deposits would be converted at 1.40 ARS per dollar and debt was converted on 1 to 1 basis. The exchange rate spiked as depositors converted their peso deposits back into US dollars. By October 2002, depositors who withdraw lost 50% of their value in dollars. That angered most savings holders and attempts were made to declare it unconstitutional. After

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