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Mexican Financial Crisis Spurs Austerity Measures In Argentina, Brazil

LADB Article ID: 56214
Category/Department: Region
Date: 1995-03-16
By: LADB Staff

In mid-March, both Brazil and Argentina announced new economic measures to calm their turbulent financial markets, which have been relentlessly battered since December by the ripple effect of the Mexican financial crisis. Throughout the first half of March, the value of trade on the large South American stock markets continued to plunge. The decline has been almost nonstop since Mexico devalued its currency last Dec. 20. The decision to devalue the peso rattled the region's financial markets as nervous investors in stocks and bonds scrambled to sell off their holdings out of fear that Mexico's currency crisis could trigger similar problems in the other countries.

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