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It was a closed, inefficient economy with a history of chronic macroeconomic mismanagement, suffering its second bout of hyperinflation in ten years.
Here's one solution: a nice bout of hyperinflation.
It was only after a long period of absolute economic decline and a devastating bout of hyperinflation that a comprehensive program of reform and integration into the world economy was adopted.
Ultimately, in the presence of severe uncertainty at a time when the country was making its first democratic transition in decades, its high inflation gave way to a short but devastating bout of hyperinflation.
But the deadbeats included current investor favorites like Brazil, which defaulted in 1983, went through a bout of hyperinflation in 1990 and effectively defaulted again, for the same reason, in 2000.
The seeds are being sown in the political and financial arenas today for a truly nasty bout of hyperinflation.
Similar(54)
And that adversity pales in comparison with past bouts of hyperinflation, defaults on national debts and currency revaluations.
The continent veered between occasional bouts of hyperinflation and the steady downward pressure on prices caused by efforts to restore the old 19th-century gold standard.
Because of previous bouts of hyperinflation, no one wanted to save money in pesos; many people held savings accounts denominated in dollars.
The construction boom here that spanned much of the 1960's, 70's and 80's, fed by capital flight from Argentina during periods of political unrest and bouts of hyperinflation, ended in the early 1990's, leaving several unsightly skeleton towers of incomplete structures and half-vacant apartment buildings.
The third episode corresponds to the serious macroeconomic crisis of 1989 1990, which included two bouts of hyperinflation.
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