This preview shows page 1. Sign up to view the full content.
Unformatted text preview: hyperinflation was back. Later on, they had to sell their foreign exchanges back into the currency market in return for the newly issued pesos. The exchange rate stabilized again and the currency started to strengthen. They had 4 obstacles before stabilization: 1) Collapse in tin prices ate away their stability; 2) Government was bankrupt, 3) Tax reform, 4) Emergency social fund to address the urgent social conditions of the country....
View Full Document
- Spring '09