IN ARGENTINA, THE PESO HAS SLIPPED TO A RECORD LOW AMID GLOOMY PREDICT...
World | March 13, 2002, Wednesday // 00:00
In Argentina, the peso has slipped to a record low amid gloomy predictions that the country's worst ever economic crisis will deepen further this year. Until devaluation in January, the peso was tied to the US dollar at one-to-one for a decade. It has now slipped to 2.5 to the dollar. President Eduardo Duhalde, who is Argentina's fifth leader since December, is desperately trying to negotiate a restoration of IMF aid to reverse a four-year recession.Nearly half the population now live below the poverty line, unable to pay for basics like food, rent and essential services. More than 20% are officially unemployed, and unofficial estimates are higher.
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