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#41 RETAC21

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Posted 19 July 2019 - 0343 AM

From the wiki:

 

When the military dictatorship finance minister Martinez de Hoz assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply.[117] In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies.[9]
 
That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems.[116] A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market.[117]
 
After the relatively stable years of 1976 to 1978, fiscal deficits started to climb again, and the external debt tripled in three years.[118] The increased debt burden interrupted industrial development and upward social mobility.[119] From 1978, the rate of exchange depreciation was fixed with a tablita, an active crawling peg that was based on a timetable to announce a gradually-declining rate of depreciation.[117][120] The announcements were repeated on a rolling basis to create an environment in which economic agents could discern a government commitment to deflation.[117] Inflation gradually fell throughout 1980 to below 100%.[117]
 
However, in 1978 and 1979, the real exchange rate appreciated because inflation consistently outpaced the rate of depreciation.[117] The overvaluation ultimately led to capital flight and a financial collapse.[117]
 
 
The failure of Banco de Intercambio Regional, in March 1980, led to runs on other banks.[121]
Growing government spending, large wage raises, and inefficient production created a chronic inflation that rose through the 1980s, when it briefly exceeded an annual rate of 1000%.[9] Successive regimes tried to control inflation by wage and price controls, cuts in public spending, and restriction of the money supply.[9] Efforts to stem the problems came to naught when in 1982 Argentina came into conflict with the United Kingdom over the Falkland Islands.[118]
 
 
Timeline of Argentine exports from 1975 to 1989
In August 1982, after Mexico had announced its inability to service its debt, Argentina approached the International Monetary Fund (IMF) for financial assistance, as it too was in serious difficulties.[118] While developments looked positive for a while, an IMF staff team visiting Buenos Aires in August 1983 discovered a variety of problems, particularly a loss of control over wages affecting both the budget and external competitiveness, and the program failed.[118] With the peso quickly losing value to inflation, the new Argentine peso argentino was introduced in 1983, with 10,000 old pesos exchanged for each new peso.

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#42 Chris Werb

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Posted 19 July 2019 - 0634 AM

Yes, I was aware they had more AM39 on order. I should have said taken delivery of earlier.

The bomb arming thing was not about lack of expertise and it affected the Navy more as they were attacking at lower altitde. They figured it out from news reports of dud bombs and were going to shorten the spindles but time ran out.
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#43 Stuart Galbraith

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Posted 19 July 2019 - 0637 AM

 

From the wiki:

 

When the military dictatorship finance minister Martinez de Hoz assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply.[117] In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies.[9]
 
That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems.[116] A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market.[117]
 
After the relatively stable years of 1976 to 1978, fiscal deficits started to climb again, and the external debt tripled in three years.[118] The increased debt burden interrupted industrial development and upward social mobility.[119] From 1978, the rate of exchange depreciation was fixed with a tablita, an active crawling peg that was based on a timetable to announce a gradually-declining rate of depreciation.[117][120] The announcements were repeated on a rolling basis to create an environment in which economic agents could discern a government commitment to deflation.[117] Inflation gradually fell throughout 1980 to below 100%.[117]
 
However, in 1978 and 1979, the real exchange rate appreciated because inflation consistently outpaced the rate of depreciation.[117] The overvaluation ultimately led to capital flight and a financial collapse.[117]
 
 
The failure of Banco de Intercambio Regional, in March 1980, led to runs on other banks.[121]
Growing government spending, large wage raises, and inefficient production created a chronic inflation that rose through the 1980s, when it briefly exceeded an annual rate of 1000%.[9] Successive regimes tried to control inflation by wage and price controls, cuts in public spending, and restriction of the money supply.[9] Efforts to stem the problems came to naught when in 1982 Argentina came into conflict with the United Kingdom over the Falkland Islands.[118]
 
 
Timeline of Argentine exports from 1975 to 1989
In August 1982, after Mexico had announced its inability to service its debt, Argentina approached the International Monetary Fund (IMF) for financial assistance, as it too was in serious difficulties.[118] While developments looked positive for a while, an IMF staff team visiting Buenos Aires in August 1983 discovered a variety of problems, particularly a loss of control over wages affecting both the budget and external competitiveness, and the program failed.[118] With the peso quickly losing value to inflation, the new Argentine peso argentino was introduced in 1983, with 10,000 old pesos exchanged for each new peso.

 

Dear God. Im amazed they did as well as they did.


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#44 Stuart Galbraith

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Posted 19 July 2019 - 0638 AM

Yes, I was aware they had more AM39 on order. I should have said taken delivery of earlier.

The bomb arming thing was not about lack of expertise and it affected the Navy more as they were attacking at lower altitde. They figured it out from news reports of dud bombs and were going to shorten the spindles but time ran out.

 

If they did that, they were going to get a lot of aircraft fragged.


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#45 shep854

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Posted 19 July 2019 - 0855 AM

News reports of dud bombs...😖

Edited by shep854, 19 July 2019 - 0856 AM.

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#46 Stuart Galbraith

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Posted 19 July 2019 - 0902 AM

There was quite a few, more than I recall from the news reports at the time (Glasgow was completely new to me.)

http://www.naval-his..._ships_lost.htm

 

The best publicised I think was Antelope, which only blew up and sank when an Army bomb disposal team went on board and tried to defuse a bomb. Had the wrong fuse extractor, because someone in the task force figured the proper one wasnt important enough to carry. Go figure.


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#47 Dawes

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Posted 19 July 2019 - 0917 AM

Were the Argentines using Snakeye-type retarders at any point?


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#48 Stuart Galbraith

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Posted 19 July 2019 - 0927 AM

The loss of HMS Ardent I see is described as including standard and retarded bombs.

https://en.wikipedia...S_Ardent_(F184)


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