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1) In the 1990s, Argentina fixed its currency, the peso, to the U.S. dollar at a 1:1 exchange rate which initially benefited the economy.
2) By 2001, the economy was struggling as global growth slowed and demand fell for Argentina's exports. Anticipating devaluation, corporations and individuals withdrew pesos for dollars.
3) Despite help from IMF loans, the government could no longer support the fixed exchange rate. It allowed the peso to float in 2002, causing an immediate devaluation against the dollar. This helped revive exports and the economy recovered by 2003.
1) In the 1990s, Argentina fixed its currency, the peso, to the U.S. dollar at a 1:1 exchange rate which initially benefited the economy.
2) By 2001, the economy was struggling as global g…