The devaluation of the national currency in Argentina has meant that not only individuals faced their salaries and their income power to drop to one of the lowest figures in Latin America, but also companies (especially utility companies and conglomerates) were forced to start the restructuring processes of the commercial and financial debt that they maintain with the financial institutions that helped them to grow during the last ten years.
The current scenario is dramatically different compared to the devaluation process carried out in Argentina during the late 80s’. For example, at that time, all major utility companies were owned or controlled by the State and the unemployment rate was below 7% (probably sustained by the public employment policy adopted by an oversized and inefficient State at that time) while at present, this rate is close to 25%. Thus, devaluation caused both a higher social and negative economic impact over companies, which are highly indebted outside of
