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World News   South America   Business   Financial (26)
South America, Financial Timeline Saturday, March 20 Bookmark and Share     Author
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Venezuela will slash value of currency  President Hugo Chavez has announced that the bolivar will be devalued for the first time since 2005 by at least 17% President dismisses central bank governor
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   Argentina (27)    Brazil (5)    Venezuela (7)
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  Chavez: military will monitor prices
Stores face punishment after devaluation
Jan.11
  Venezuela: Inspectors, aided by the military, shut down 70 stores as a sanction for allegedly adjusting prices in the wake of a currency devaluation
Jan.10
  Venezuela: In the wake of devaluation currency, Chavez on said he would put the military on the streets to ensure that business owners don't raise prices

Jan.8
Jan.7
  Argentina: Cristina Fernandez de Kirchner has ordered the removal from office of Martin Redrado, who had refused to use currency reserves to pay foreign debt


year 2008 Top ^

Dec.13 Ecuador won't pay foreign debt interest
  President Correa said he will not pay interest on the nation's foreign debt and that he was prepared to accept any consequences Nov.20 Pension takeover passed  Argentina: Senate has approved a bill to nationalise private pension schemes worth at least $23bn, as a victory for President Fernandez's government Nov.3 Itaś and Unibanco to merge operations  Brazil: Itaś and Unibanco will merge their banking, credit, and insurance operations, creating the largest financial services group in the Southern Hemisphere Jun.10 Controversial tax to fund social programs  Argentina: President Cristina Fernandez de Kirchner announced plans to fund a public works program with revenues from a agrarian export tax

year 2007 Top ^

Dec.6 Inflation worries  Venezuela: Inflation is beginning to eat away at Venezuela's economy despite efforts by Chavez's government to put a cap on swiftly rising prices Apr.30   Venezuela to pull out of IMF, World Bank
  President Chavez announced he would make a symbolic move because the nation has already paid off its debts to the lending institutions


year 2005 Top ^

Jan.23 Debt offer draws support  Argentina: In the first week of the debt swap, creditors holding 23.2% of debt in default had signed up for the offer

year 2004 Top ^

Nov.1   Debt repayment offer  Argentina: Argentina's government has presented financial regulators in the US with plans to reorganise the debts

year 2003 Top ^

Jun.24 Rural credit aid launched. Brazil Feb.5 Currency rate fixed. Venezuela Jan.16 $1bn debt default avoided. Argentina Jan.6 Bankers set to join general strike. Venezuela

year 2002 Top ^

Nov.14 Argentina faces fresh default
Aug.7   IMF throws extra $30bn to Brazil  The International Monetary Fund is hoping to help pull the country and the region out of crisis Aug.6 Protesters burn O'Neill photos. Argentina Aug.4 U.S. $1.5bn aid deal for Uruguay Jul.30 Banking crisis. Uruguay Jun.21 Bank chief to resign. Argentina Jun.14 Brazil expected to draw on IMF loan Jun.6 IMF praises Argentina reforms Apr.19 Bank freeze ordered  Argentina: All banking operations and foreign currency transactions suspended indefinitely amid fears of a financial collapse Feb.11 Peso passes first test
  Argentina: Peso, floating freely for the first time in a decade, ended trading stable against the dollar Feb.3 Crisis package unveiled  Argentina: Economy minister Jorge Remes Lenicov has announced a package of emergency measures Jan.25 March against bank curbs  Argentina: Police have fired teargas and rubber bullets. Banking restrictions imposed to try and salvage the economy Jan.6 Peso devaluated
  Argentina: New government ends 10 years of parity with the US dollar. 1.4 pesos would buy $1, a devaluation of 30%
Jan.5 Rescue plan approved  Argentina: Lower house has given approval to an emergency economic plan. President Duhalde given broad powers

year 2001 Top ^

Dec.23 Debt payments suspended
  Argentina: New interim president will suspend foreign debt payments, triggering the default Dec.19 Argentina plunges into turmoil  Economy Minister, Domingo Cavallo, has resigned. Police fired tear gas to disperse tens of thousands of angry protesters Dec.3 Defiant message amid crisis  Argentina: Government limits the amount of cash that can be withdrawn. Economy minister blamed speculators Aug.3 IMF to accelerate $1.2 billion loan  Argentina: $1.2 billion loan for Argentina and $15 billion line of emergency credit for Brazil
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