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Montevideo, February 23rd 2024 - 04:45 UTC



Month long recess.

Wednesday, January 3rd 2001 - 20:00 UTC
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The Argentine Congress won't convene again until next February. The long month recess coincides with reforms to the Congressional building, including a new electronic panel voting system, that should help speed legislators decisions. The recess also puts an end to a most disturbing year when several Senators were supposedly involved in bribes to vote legislation considered vital for the current administration, and condemned by many members of the junior partner of the ruling Alianza coalition. The situation also helped with the approval of a much discussed federal budget that cut deeply into social security expenditure and conditioned aid to provincial governments to balanced regional budgets. The austere budget, gave Argentina access to a 30 plus billion US dollars financial aid package that should help the country gradually overcome in the coming months, a two years long recession with unemployment in the 16/18% range, and hopefully inject the country with a more optimistic atmosphere. However, Argentina begins 2001 with inflation completely under control, a strong currency tied to the dollar, encouraging foreign trade figures and favourable prospects for agricultural commodities and beef since prices and markets are recovering. Beginning next week Argentine financial officials will be on a road show to convince European, American and Japanese investors of the long term potential of the country.

Categories: Mercosur.

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