Africa Asia Europe North America South America Oceania
You are here: Home > South America > Argentina


Yearbook 2018

Argentina. Argentina's economic crisis continued during the year. The economy seemed to shrink by 2-3% - particularly affected were retail and industry - inflation remained high and the value of the currency fell. In November, the Senate approved the government's budget proposal for 2019, which included large cuts in public spending and aims for a balanced budget. The budget was already approved in October by the House of Representatives after intense debates and public protests. Eliminating the deficit in central government finances was a condition for the International Monetary Fund (IMF) to raise the ceiling for government loans and early credit payments, including a $ 50 billion emergency loan payment that was disbursed in June following a dramatic currency fall in the months before. Otherwise, negative growth was predicted at 0.

2018 Argentina

The opposition pointed out that Argentina's historic macroeconomic imbalances would not be addressed by the draft budget, but that the country would have to take more loans from the IMF later. A 24-day general strike in connection with the settlement paralyzed Buenos Aires and airports, and protests occurred repeatedly after President Mauricio Macri publicly declared his intention to negotiate with the IMF on May 8 to remove the country from the crisis.

According to, former President Cristina Kirchner (2007–15) was severely employed by corruption scandals during the year, especially the money laundering business that went by the name "la ruta del dinero K". A lawsuit was initiated Oct. 29 against businessman Lázaro Báez, who is accused of engaging in illegal money laundering on behalf of Cristina Kirchner and her husband and representatives on President Néstor Kirchner's (2003–07) bill for $ 60 million. She was also affected by the aftermath of the so-called Gloriagate, a bribe during her presidential term that deals with bribery of politicians in her vicinity from construction companies. In late August, house searches were conducted in three of her homes in search of evidence.

On November 17, Defense Secretary Oscar Aguad announced that the wreck after the one-year-old submarine ARA San Juan was found at close to a kilometer deep 50 miles off the coast of Patagonia. He also said that it was probably imploded and that all 44 crew members were killed immediately. An investigation into the cause of the accident was added.

In March, the country was shocked by the disclosure of systematic sexual exploitation of minors in several of the country's most famous football clubs. Six people were arrested, including a famous football player and a lawyer.

Other Countries in South America

Ethnicity and Countries Copyright 2018 - 2020 All Rights Reserved