The World - News from April 26, 1989

Argentina’s currency continued to plunge against the U.S. dollar in an 11-week slide that has driven up inflation and threated to kick off social unrest. The country is undergoing an “unprecedented emergency,” said Saul Ubaldini, the general secretary of the four million-member General Labor Confederation, as inflation neared a record 40% this month. At mid-day Tuesday, Argentines paid 102 australs for each dollar, a 19% devaluation from the previous day. Interest rates paid by banks reached 80% a month as financial institutions tried desperately to keep investors from removing deposits.