Work as Minister of Economy José Alfredo Martínez de Hoz

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martínez de hoz addresses nation in 12 march 1981, farewell address


the end of tenure near , increasingly unpopular, in april 1980 martínez de hoz had central bank promulgate new regulations governing adjustable loans. central bank circular 1050 tied monthly loan interest payments (almost lending in argentina on adjustable basis) value of dollar vis-a-vis peso. borrowers confident gradual peso devaluations continue on schedule , new homeowners rushed secure (or refinance) mortgages @ these favorable terms. brokerage houses proliferated put options against peso increased sharply , in february 1981, martínez de hoz announced unthinkable: time had come sharp devaluation. tablita shattered , retired following month.


what followed 1 of worst financial crises in history of modern argentina. speculators took advantage of 1977 deregulation write off debts, legitimate borrowers (including many large employers) faced unaffordable dollar payments , homeowners monthly payments (tied circular 1050 value of dollar), rose on tenfold during next fifteen months.








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