More Than You Can Pay

A detailed Summary of More Than You Can Pay


People tend to use credit card, because they would like to spend more money than they actually earn. When it comes to paying off the credit card, it is never easy. If you decide to pay only minimum amount, you will end up paying forever and it is even worse when you lose your job. Argentina was going through the exact same situation in December 2001.

Late 1990¯s were the period of inflation for Argentina because of the country export was being relatively expensive compared to others, which led to overvaluing currency and it started costing them to export and the country to grow. Obviously, unemployment rate was increasing because it was too expensive to create new jobs and it led to purchasing power to decrease greatly. On the


Unstable economy, chaos in the city, and default to pay off $155 billions of debt to the World Bank showed no credibility that the investors were losing interest, banks and firms were going bankrupt and International Monetary Fund stopped providing loans. Slowly, numerous of companies and banks were bought by the foreigners.

At the end of December 2001 was a starting point of clear economy destruction for Argentina. It was clear from the fact that from the 20th of December to 30th of December, five presidents were elected. Just like people tend to spend more money with credit cards than they can earn, Argentina¯s case was in exactly same situation as where everyone has been in. Argentina¯s currency was overvalued and the country spent more than they c

Some common words found in the essay are:
, Bank IMF, Monetary Fund, President Saa, Rodriguez Saa, World Bank, President Fernando, december 2001, Rua December, International Monetary, five presidents elected, monetary fund, world bank, international monetary, unemployment rate, five presidents, presidents elected, credit card, international monetary fund, people tend, spend money,

Approximate Word count = 513
Approximate Pages = 2 (250 words per page double spaced)

Category: Miscellaneous

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