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The South American economic crisis is the economic disturbances which have developed in 2002 in the South American countries of Argentina, Brazil and Uruguay.
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Jorge Luis Batlle Ibáñez was a Uruguayan politician and lawyer, who served as the 38th president of Uruguay from 2000 to 2005. A member of the Colorado Party, he previously served as National Representative from 1959 to 1967, and as Senator of the Republic from 1985 to 1990 and from 1990 to 1999.
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may fail in the near future. In other words, it is when, in a fractional-reserve banking system, numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank may acquire more cash from other banks or from the central bank, or limit the amount of cash customers may withdraw, either by imposing a hard limit or by scheduling quick deliveries of cash, encouraging high-return term deposits to reduce on-demand withdrawals or suspending withdrawals altogether.
The December 2001 crisis, sometimes known as the Argentinazo, was a period of civil unrest and rioting in Argentina, which took place during December 2001, with the most violent incidents taking place on 19 and 20 December in the capital, Buenos Aires, Rosario and other large cities around the country. It was preceded by a popular revolt against the Argentine government, rallying behind the motto "All of them must go!", which caused the resignation of then-president Fernando de la Rúa, giving way to a period of political instability during which five government officials performed the duties of the Argentine presidency. This period of instability occurred during the larger period of crisis known as the Argentine great depression, an economic, political, and social crisis that lasted from 1998 until 2002.
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Banco de la República Oriental del Uruguay is a state-owned commercial bank in Uruguay, founded in 1896 under the presidency of Juan Idiarte Borda.
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Alejandro Víctor Washington Atchugarry Bonomi was a Uruguayan lawyer and politician.
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María Macarena Gelman García is a Uruguayan activist and politician.
The presidency of Jorge Batlle began on 1 March 2000 when he was inaugurated as the 38th president of Uruguay. Batlle, member of Colorado Party, took office following his victory over the Broad Front Party nominee Tabaré Vázquez in the second round of the 1999 general election, where his party joined to defeat Broad Front that was the winning party in the first round.
Jorge Batlle: Between Heaven and Hell is a 2024 Uruguayan documentary filmed and directed by Federico Lemos. It compiles the life of Uruguayan lawyer, journalist and politician Jorge Batlle Ibáñez (1927–2016); in particular, it displays the historical, political, economic and social events that took place during his presidency, with special emphasis on the 2002 crisis.
References
- ↑ Atchugarry, ten years after the crisis (in Spanish)
- ↑ Lagos, José Gabriel (22 May 2024). "Pobre presidente: el documental Jorge Batlle, entre el cielo y el infierno". la diaria (in Spanish). Retrieved 30 July 2024.