"Alan García or the incredible story of the villain who became the hero of the markets," called today an interesting article by journalist Leandro Gabin in Cronista.com of Argentina.
In the land of the Kirchner discussed Alan Garcia and his metamorphosis: "Alan Garcia had two faces, the crisis in his first term, with hyperinflation of 2,700%, debt default and financial crisis, and the new one, in which his pragmatism made the financial world and crowned finished applauding the highest in the region.
analysts say Wall Street partly economic achievements are the fruits of global growth and commodities mainly from . Now you understand the world, they say. Far away in history will be the pitfalls of who is now the new darling of the international financial scene. In the drawer of memories will be several aspects of his first term as hyperinflation (price increases rose to 2,700% in 1989), the repeated exchange of legal tender (powdered for inflation), attempts to nationalize the banks, the default of debt (arrears was because he merely used for this purpose, only 10% of export revenues that got the country), the IMF is declared "ineligible", the advance of terrorism led by Sendero Luminoso, Several allegations of corruption and final exile in 1992, two years after his presidency ended. A failure which was attended by Daniel Carbonetto (García adviser at that time), the economist who sounded like a candidate Duhalde minister during the crisis in Argentina.
After that, the golden boy now had tried unsuccessfully to return to power in elections devoted to Alejandro Toledo, his now-predecessor, in 2001. The passage of time, and several trips included, produced a radical change in the then socialist who thought, for two years, applied strictly an economic policy that welcomes the orthodoxy. Just in 2006, García won aggiornamiento in presidential Ollanta Humala (the cuckoo of investors). What
spent nearly two decades later, under another term of Garcia, to Peru is one of the most desirable starlets to the point of obtaining the investment grade ? According told The Chronicle operators consulted Wall Street, the magic word is called "pragmatism." "That may have given the investment grade as no surprise, Alan (Garcia) became its antithesis (abjures openly and inflation control, and defend the autonomy of the Central Bank). Peru has grown very well in recent years (before Garcia in fact) and promises to remain so, "said an Argentine economist who works in New York.
For Alberto Bernal, Latin American director of Bear Stearns, Garcia "understands and defends the right of ownership and that is very important." "He followed with a pragmatic economic policy, with good numbers and that prosecutors allowed him to have investment grade. What he did for the radical change that had from its former president, is what is called pragmatism, "he said. According Enrique Alvarez, an analyst at IDEAglobal, Toledo (former president) gave the incumbent an example of fiscal discipline and he profited from the strong increase of exports. "I do not see Garcia enormous merit, I think we benefited from the global context. But we must recognize that you have a knack for public speaking and became a centrist even though I think his socialist ideas are still there, "he said.
Alvarez added that he was f avorecido by young voters, who did not know his past as "middle class ruined by inflation Garcia had already left the country." "If they did a survey in Peru do not think that Garcia is considered the man of the year. It is a casualty investment grade " said. luck, merit and heritage and Rodolfo Sant 'Angelo once explained the administration's economic performance (Nestor) Kirchner. In fact, it seems, a reason applicable to more than one country.
+ Wall Street investment grade + + Alan García Toledo + inflation + pepitaspuntocom
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