Place Debt Collection Argentina
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Economy Overview:
Argentina benefits from rich natural resources, a highly literate
population, an export-oriented agricultural sector, and a diversified
industrial base. Over the past decade, however, the country has suffered
problems of inflation, external debt, capital flight, and budget
deficits. Growth in 2000 was a negative 0.8%, as both domestic and
foreign investors remained skeptical of the government's ability to pay
debts and maintain the peso's fixed exchange rate with the US dollar.
The economic situation worsened in 2001 with the widening of spreads on
Argentine bonds, massive withdrawals from the banks, and a further
decline in consumer and investor confidence. Government efforts to
achieve a "zero deficit," to stabilize the banking system, and to
restore economic growth proved inadequate in the face of the mounting
economic problems. The peso's peg to the dollar was abandoned in January
2002, and the peso was floated in February. The exchange rate plunged
and real GDP fell by 10.9% in 2002, but by mid-year the economy had
stabilized, albeit at a lower level. GDP expanded by about 9% per year
from 2003 to 2005. Growth is being led by a revival in domestic demand,
solid exports, and favorable external conditions. The government boosted
spending ahead of the October 2005 midterm congressional elections, but
strong revenue performance allowed Argentina to maintain a budget
surplus. Inflation has been rising steadily and reached 12.3 percent in
2005.
Requirements:
- Instructions / authority to proceed with negotiated settlement on the company letterhead.
- Full details of the debtor/s and a summary of how the debt was incurred.
- The amount owing, and the particulars of how it is arrived at.
- Other supportive documentation such as invoice, bill of lading etc.
- Copy of demands made by your company for payment, and copy of any correspondence from the debtor/s that is held on file.
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