-->

The Economy Of Argentina is Back on the Rise…or Is It?

By on May 17, 2015
argentina

The Economy Of Argentina is Back on the Rise…or Is It?

argentina

In 2001, Argentina defaulted on a $95 billion loan which sent the country into chaos. The loan default was the largest by any country in history and left many feeling unsatisfied with President Cristina Fernandez de Kirchner and economic minister Axel Kicillof.

 

While the country is still heavily in debt to an American hedge fund for the outstanding loan, their economy is on the rebound.

 

According to Eugenio Aleman, an Argentine and senior economist at Wells Fargo Securities, “The economy seems to not be falling anymore. There are a little bit more positive vibes going around.”

 

The Argentina’s Merval stock market is up 45% this year, which puts it far ahead of Europe’s market and even further ahead of America’s the S&P 500.

 

While there is rejoicing by Argentina citizens, the country is not quite out of hot water just yet.

 

Small business owners are being crushed by ever rising taxes and inflation, the American hedge fund that owns Argentina’s loan wants its money back in full and Argentina’s economy is projected to show minimal growth this year.

 

These issues will certainly be the topic of discussion for a major of the debates during the upcoming presidential elections in October.