- Title: ARGENTINA: Fall of the Peso threatens Argentine economy
- Date: 17th November 1981
- Summary: SV PAN & TV People gathering outside the bank CU People looking at exchange rate board CU INTERIOR PULL BACK SV Teller counting money to people at counter CU Exchange rate board showing dollar rate at 1250000 (2 shots) SV & CU Money being counted (2 shots) CU Board showing 1250000 CU Bank tellers
- Embargoed: 2nd December 1981 12:00
- Keywords:
- Location: Argentina, Argentina
- City:
- Country: Argentina
- Topics: Economic News
- Reuters ID: LVAAXL26NP7GPVJ1DPS109XVG5KZ
- Aspect Ratio:
- Story Text: INTRODUCTION: The recent rush to sell the Argentine peso on the Buenos Aires stock exchange has cut the value of the nations' currency by 25 per cent.People have been lining-up outside the capital's money houses to off-load bundles of Argentinian currency.Inflation has jumped to 115.5 per cent, a 5.8 per cent rise over the last month alone.
SYNOPSIS: The crisis in the Argentine economy has been the top story in the nation's newspapers for months now.At the start of the year, the peso's value of 2,000 to the dollar was seen as an indication of the country's successful economic management.today, more than 11,000 pesos are needed to buy just one dollar.
This is a run on the currency the likes of which have not been seen since the hyper-inflation days of the 1970's.
The run on the banks had led to crowds gathering in the streets of the financial district of Buenos Aires, waiting for the latest information on the state of the currency.The country's precarious economy is not helped by a growing unemployment problem.
While bank trading continues at a frantic pace, the number of jobless has doubled in the last 12 months to almost four per cent of the working population.
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