PU,
WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO, ZC

Diplomatic representation in the US:
chief of mission: Ambassador Guillermo GONZALEZ Enrique
chancery: 1600 New Hampshire Avenue NW, Washington, DC 20009
telephone: (202) 238-6400
FAX: (202) 238-6471
consulate(s) general: Atlanta, Chicago, Houston, Los Angeles, Miami,
New York

Diplomatic representation from the US:
chief of mission: Ambassador (vacant)
embassy: 4300 Colombia, 1425 Buenos Aires
mailing address: international mail: use street address; APO address:
Unit 4334, APO AA 34034
telephone: (1) 777-4533, 4534
FAX: (1) 777-0197

Flag description: three equal horizontal bands of light blue (top),
white, and light blue; centered in the white band is a radiant yellow
sun with a human face known as the Sun of May

@Argentina:Economy

Economy - overview: Argentina benefits from rich natural resources, a
highly literate population, an export-oriented agricultural sector,
and a diversified industrial base. However, when President Carlos
MENEM took office in 1989, the country had piled up huge external
debts, inflation had reached 200% per month, and output was
plummeting. To combat the economic crisis, the government embarked on
a path of trade liberalization, deregulation, and privatization. In
1991, it implemented radical monetary reforms which pegged the peso to
the US dollar and limited the growth in the monetary base by law to
the growth in reserves. Inflation fell sharply in subsequent years. In
1995, the Mexican peso crisis produced capital flight, the loss of
banking system deposits, and a severe, but short-lived, recession; a
series of reforms to bolster the domestic banking system followed.
Real GDP growth recovered strongly, reaching 8% in 1997. In 1998,
international financial turmoil caused by Russia's problems and
increasing investor anxiety over Brazil produced the highest domestic
interest rates in more than three years, halving the growth rate of
the economy. Conditions worsened in 1999 with GDP falling by 3%.
President Fernando DE LA RUA, who took office in December 1999,
sponsored tax increases and spending cuts to reduce the deficit, which
had ballooned to 2.5% of GDP in 1999. The new government also arranged
a new $7.4 billion stand-by facility with the IMF for contingency
purposes - almost three times the size of the previous arrangement.
Key challenges facing the new government include reforming the
country's rigid labor code and addres