A
little economic history…
After one period of growth of 6% on average in the years 1970,
the Latin America underwent a very serious economic crisis.
This crisis is ascribable, partly, with the weight of the foreign
debt contracted in the Seventies, when the easy access to the
international credit went hand in hand with a boom of exports
and an interest rate relatively low. The international recession
of beginning of the year 80, as well as the reduction of the
imports from the industrialized countries and raises it interest
rates, changed the data completely.
First on the list, Mexico is declared in a state of suspension
of payment in 1982. Soon, all the countries of Latin America
must resort to the refinancing at the IMF (funds international
currency) to be able to pay the interests of the debt. Certain
countries, like Argentina and Peru in 1985, where Brazil in
1986, try to implement plans of stabilization nonin conformity
with the recommendations of the IMF (price freeze and wages),
but the success is not reached. Inflation reaches per month:
100% Brazil, and 200% in Peru and in Argentina.
To beginning of the year 90, these failures led the governments
to set up plans of adjustment whose main axes are the release
of the prices, a strong devaluation of the currency, the reduction
of the budget deficit and an important reduction in the inner
demand. Of course, the effects of these decisions are dramatic
on the social plan (recession, unemployment…).
The installation of these plans of adjustment will have allowed
Brazil, Argentina and Peru to balance and reintegrate the economies
of the area in the international concert.
