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July 26, 2010: In 2001, in response to its economic crisis, the Argentine government defaulted its foreign debt -- the largest such default in history according to the CIA World Factbook. There was a recession. The economy recovered in 2003 with a good amount of exports. Workers took over a few factories abandoned by the owners, to "restart the silent machines," and created worker-cooperatives -- to be contested by former owners. New investment came from Argentines who were either bringing their money home from abroad or from under their mattresses. More money was coming into the country than leaving it. The economy grew 9 percent annually for five years -- a great rebound. China began investing in Argentina. In 2010, Chile leads Latin America in per capita GDP and Argentina is second, just ahead of Mexico. In 2010 Argentineans are buying more from abroad again than they are selling. And the government is working on settling with those upon whom it defaulted, in order to regain a good standing with the bond investment community and win back more international investment. Former investors will end up with a percentage of their original investment but big losers in that their money will have produced a loss over almost a decade. Meanwhile, worker-cooperatives -- numbering around 200 in the year 2005, are being celebrated by some on the political left.
South America
Independence from Spain: July 9, 1816.
A military dictatorship began ruling in 1976. Democracy returned in 1983.
Figures unless otherwise stated are from the CIA Factbook.
2009: $13,800
2008: $14,400
2007: $13,600
2009: -2.5%
2008: 5%
2007: 7.5%
2009: 49.1% of GDP
2009: 9.6%
In 2001 Argentina's economy collapsed. In 2003 recovery was underway. According to the Factbook, growth "was led by a revival in domestic demand, solid exports, and favorable external conditions."
Argentina produces about twice as much oil as it consumes. It exports other fuels, feed, edible oils, cars, cereals.
2005: 1.3%
Living in an urban area: 92% (2008)
July 2010: 41.343 million. Growth rate: 1.036%
July 2009: 40.913 million.
July 2008:
40.677 million.
Persons per square kilometers estimated in 2005: 14.3, compared to 187 for Switzerland.
2010: 11.11 deaths -- a slight improvement
2009: 11.44
2008: 13.87
2010: 76:76 years
2009: 76.56
2008: 76.52
97 percent white. 92 percent nominally Roman Catholic, less than 20 percent practicing Roman Catholic. Protestants 2 percent. Jewish 2 percent.
SOURCES:
http://www.cia.gov/cia/publications/factbook
Copyright © 2010 by Frank E. Smitha. All rights reserved.