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Argentinean Local Governments Weather the Storm
Standard & Poors, May 2000
Abstract
In 1999 Argentinean local governments were confronted by the most serious economic downturn in the country since the 'Tequila crisis' of 1995. While some provinces borrowed to meet expenditure needs, others imposed fiscal discipline by adjusting budgets and avoiding the need to assume additional debt to cover current account deficits. In addition to economic and revenue volatility, Argentinean local governments also face the question of how and when the system of local government finance, which relies heavily on federal transfers, will be adjusted as required by the 1994 constitution. While changes to the current structure continue to be discussed and a recent agreement fixed payments from the central government to the provinces for two years, substantial changes that alter fundamentally...
Companies mentioned in this report are: Argentina (Republic of) (Unsolicited Ratings),Buenos Aires (Province of),Buenos Aires (City of),Mendoza (Province of)
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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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