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Argentina

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Background

Economy - overview: 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.

Holidays

Jan 1 - New Year's Day
Mar 24* - Maundy Thursday
Mar 25* - Good Friday
Apr 4* - Malvinas Day
May 1 - Labour Day
May 25 - National Day (Anniversary of the 1810 Revolution)
June 20* - National Flag Day
Jul 9 - Independence Day
Aug 17* - Death of General Jos de San Martin
Oct 11* - Day of the Americas (Columbus Day)
Dec 8 - Immaculate Conception
Dec 25 - Christmas Day
Dec 31 - New Year's Eve

Ps: These festivals dates(*) given above are approximations which are subject to change every new year. 

Phone Codes

Country Code 54
Outgoing International Code: 00
Buenos Aires city and suburbs:
11 + 4 + Local Number
Buenos Aires city and suburbs (mobile phones)
11 + 15 + 4 + Local Number
Southern Argentina: Provinces including and south of San Juan, San Luis, La
Pampa and Buenos Aires
2 + Area Code + 4 + Local Number
Northern Argentina: Provinces including and north of La Rioja, Cordoba,
Santa Fe and Entre R­os
3 + Area Code + 4 + Local Number 

Resources

Market Research

Argentina Post
It is a news site with both English and Spanish versions covering headlines, business, economy, politics and travel related to Argentina. 

ArgentinaTrade.Com
It is a one-stop venue for the business community to search and find manufacturers, producers, exporters and importers; detailed profiles of various industries, companies and businesses are listed in its directory search in Argentina.

Buenos Aires Herald
English news site providing a wide range of coverage such as world news, Latin America news, politics, business, economy, market reports and company news.

CIA - The World Factbook - Argentina
This website indicates a wide range of detail information about Argentina by introducing under 8 different fields as its geography, people, government, economy, communications, transportation, military, transnational issues.

About Argentina
There is available to find out Argentina's general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.

Trade Information

IRAM, Instituto Argentino de Normalizacion
Argentine Standardization Institute

AMN, Asociacion MERCOSUR de Normalizacion
MERCOSUR Standards Association

USDA, Foreign Agricultural Service in Buenos Aires
Government assistance for U.S. exporters and Argentine importers of agricultural products

 
 
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