Argentine economic emergency law

Last updated March 11, 2019

1998–2002 Argentine
great depression

Economy of Argentina
Peso (currency)
Convertibility plan
Corralito
Cacerolazo
2001 riots
Apagón
Economic emergency law
Debt restructuring

The economy of Argentina is a high income economy for fiscal year 2017 according to the World Bank. It is Latin America's third largest economy, and the second largest in South America behind Brazil.

The peso is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using dollar currencies. It is subdivided into 100 centavos. Its ISO 4217 code is ARS.

The Argentine Currency Board pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. While it initially met with considerable success, the board's actions ultimately failed. In contrast to what most people think, this peg actually did not exist, except only in the first years of the plan. From then on, the government never needed to use the foreign exchange reserves of the country in the maintenance of the peg, except when the recession and the massive bank withdrawals started in 2000.

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The Argentine economic emergency law was sanctioned in 2002, during the presidency of Eduardo Duhalde. As a result of the 2001 economic crisis, the law set a state of emergency on the national economy. The law allowed the president to do things that are usually set to the Congress, such as influence the exchange rate, turn debts in US dollars into debts in Argentine pesos, set the price of taxes and tariffs, renew contracts with the providers of public services, set the price of some products, and taxes on oils, among other things.^[1]

Eduardo Alberto Duhalde is an Argentine politician who served as President of Argentina from 2002 to 2003. Born in Lomas de Zamora, he was elected for the local legislature and appointed mayor in 1973. He was deposed during the 1976 Argentine coup d'état, and elected again when democracy was restored in 1983 after the tyranny of soldiers raiding homes. He was elected vice-president of Argentina in 1989, under President Carlos Menem.

The 1998–2002 Argentine Great Depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It almost immediately followed the 1974–1990 Great Depression after a brief period of rapid economic growth.

A state of emergency is a situation in which a government is empowered to perform actions that it would normally not be permitted. A government can declare such state during a disaster, civil unrest, or armed conflict. Such declaration alerts citizens to change their normal behavior and orders government agencies to implement emergency plans. Justitium is its equivalent in Roman law—a concept in which the senate could put forward a final decree that was not subject to dispute.

Initially, the law was expected to be in force for two years. However, the governments of Néstor Kirchner and Cristina Fernández de Kirchner always asked the Congress to renew it for two more years. It was renewed for the last time in December 2015, nearing the end of the presidency of Cristina Kirchner. President Mauricio Macri did not ask for such renewal in December 2017, and so the law ceased to be in force in the first days of 2018, 16 years after its initial sanction.^[1]

Néstor Carlos Kirchner Jr. was an Argentine politician who served as President of Argentina from 2003 to 2007 and as Governor of Santa Cruz from 1991 to 2003. Ideologically a Peronist and social democrat, he served as President of the Justicialist Party from 2008 to 2010, with his political approach being characterised as Kirchnerism.

Cristina Fernández de Kirchner Argentine politician and ex President of Argentina

Cristina Elisabet Fernández de Kirchner, sometimes referred to by her initials CFK, is an Argentine lawyer and politician, who served as President of Argentina from 2007 to 2015. She was the second woman to serve as President of Argentina, the first directly elected female president, and the first woman re-elected to the office. Ideologically a Peronist and social democrat, she was a member of the Justicialist Party, with her political approach being characterised as Kirchnerism.

Mauricio Macri is the current President of Argentina and has been in office since 2015. A former civil engineer, Macri won the first presidential runoff ballotage in Argentina's history and is the first democratically-elected non-Radical or Peronist president since 1916. He was chief of government of Buenos Aires from 2007 to 2015, and represented the city in the lower house of the Congress of Argentina from 2005 to 2007. The reintegration of Argentina into the international community is central to Macri's agenda.

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Carlos Saúl Menem Akil is an Argentine politician who was President of Argentina from July 8, 1989 to December 10, 1999. He has been a Senator for La Rioja Province since December 10, 2005.

The politics of Argentina take place in the framework of what the Constitution defines as a federal presidential representative democratic Republic, where the President of Argentina is both Head of State and Head of Government. Legislative power is vested in the two chambers of the Argentine National Congress. The Judiciary is independent of the Executive and the Legislature. Elections take place regularly on a multi-party system.

The Justicialist Party, or PJ, is a Peronist political party in Argentina, and the largest component of the Peronist movement.

The Front for Victory is a centre-left Peronist electoral alliance in Argentina, and it is formally a faction of the Justicialist Party. Both the former president Néstor Kirchner (2003-2007) and the former president Cristina Fernández de Kirchner (2007–2015) belong to this party, located on the centre-left of the mainstream Argentine political spectrum. The party was led by Néstor Kirchner until his death in 2010. The Front for Victory is ideologically identified with what has been called Kirchnerism. Legally, the Front should not be confused with the Party for Victory, which is just one of the political parties in it.

Martín Lousteau was the Minister of Economy and Production of Argentina under the administration of President Cristina Fernández de Kirchner, from December 10, 2007, until April 24, 2008. At the age of 37, Lousteau was the youngest person to occupy this office in more than five decades.

The 2008 Argentine Farm Crisis refers to the conflict between the Argentinean national government and the 4 entities that represented the agriculture sector. The crisis began in March 2008 with four agricultural sector employers organizations taking direct action such as road blocks to protest against the decision of the government of Cristina Fernández de Kirchner to raise export taxes on soybeans and sunflower. The subsequent political upheaval has seen elements of the ruling Front for Victory speak out against the government and the resignation of Economy Minister Martín Lousteau.

A Necessity and Urgency Decree is a special kind of order issued by the President of Argentina. Unlike regular decrees, which are used in Argentina for rulemaking, a DNU has the force of law. Once the President promulgates a DNU, it comes into force almost immediately; afterwards, the National Congress must examine the decree to determine whether it will be allowed to remain in force or not.

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The 7D, which stands for December 7, is a special date in Argentina for the conflict between Fernández de Kirchner government and the media. Feeling that the Clarín newspaper was responsible for the 2008 Argentine government conflict with the agricultural sector and the defeat at the 2009 legislative elections, the government created a media law to force the Grupo Clarín to sell their media assets. Clarín deemed that specific articles of that law that ordered that were unconstitutional, and began a trial over them. Clarín was benefited by an injunction for the duration of the trial, and in 2012 the Court pointed that the injunction should not extend beyond December 7, requesting the judges to make a sentence. The actual events that should take place on December 7 became a huge controversy in Argentina.

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The following lists events that happened during 2015 in Argentina.

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The Bicentennial fund was created in 2010 in Argentina by then president Cristina Fernández de Kirchner, to pay external debt with resources from the Central Bank. The president of the Bank, Martín Redrado, refused to do so, claiming that the autonomy of the Central Bank was not respected.

The notebook scandal or graft scandal took place in Argentina in 2018. It was started by the driver Óscar Centeno, who had worked for public officials during the presidencies of Néstor and Cristina Fernández de Kirchner, and denounced an organized corruption scheme. According to notes that he had kept in personal notebooks, he had frequently carried bags filled with US dollars to several locations, including public buildings and even the personal house of Cristina Kirchner. Those bags would be payments for bribes.

References

1 2 "Se "termina" la Emergencia Económica tras 16 años de vigencia" [The economic emergency ends after 1 years] (in Spanish). Clarin. January 6, 2018. Retrieved January 1, 2018.

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[termina-1] 1 2 "Se "termina" la Emergencia Económica tras 16 años de vigencia" [The economic emergency ends after 1 years] (in Spanish). Clarin. January 6, 2018. Retrieved January 1, 2018.