Introduction: Weathering the Storm (01:49)
Unemployed workers protest nearly every day in Buenos Aires. They do not want to go back to the hard times of 2001 when the country’s economy collapsed.
Economic Collapse of 2001 (02:37)
A political, economic, and debt crisis devastates Argentina. The peso loses three-quarters of its value, more than half the country’s citizens are reduced to poverty within months, and unemployment reaches 32%. The country is unable to pay its debt to the International Monetary Fund.
Emergency Measures Lead to Recovery (03:38)
The government introduces measures to address economic collapse. A new welfare program supports 13% of the country’s workforce; the peso is devalued; businesses receive credit; and tax collection is improved. The country can pay the IMF but still owes billions to other creditors.
Homelessness and Youth Unemployment (04:58)
New measures help most Argentines, but former factory worker Esther Collados lives on the streets and survives by scavenging. Cynthia Minio, age 19, is among the two-thirds of young people without a job. The Youth for More and Better Work program addresses the problem.
Soup Kitchens and Subsidized Salaries (04:35)
Margarita runs a soup kitchen that feeds out-of-work Argentines. Alfredo Zaiat cites signs the country is faring better than others. Graciela Perez benefits from the Productive Recovery Program. Argentina must settle its debt to sustain long-term growth.
Recession Impact and "Cartoneros" (03:46)
Construction workers are among the hardest hit during the recession. Juan Carlos is part of a group of “cartoneros” that started a co-op for recycling in Buenos Aires; the city lends the group trucks and other gear. Congressman Hector Recalde is optimistic about his country’s economic future.
Credits: Weathering the Storm (00:10)
Credits: Weathering the Storm
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