BUENOS AIRES — Inflation has become a palpable reality in Argentina, as citizens face regular hikes in consumer, energy and transport prices. The 100-peso bill is now worth a quarter what it was in 2007, and several banks have suggested to the Central Bank that it start printing notes in larger denominations.
Currently, 100 pesos are trading around $12, down from a little over $14 in January and roughly $19 a year ago.
Petty change — Photo: Jorge Gobbi
The presidential office has apparently ruled that out already, as the move would be a public recognition of inflation’s gravity. Banks are finding it increasingly costly to use larger numbers of banknotes for the same banking operations. Cash dispensers, for example, have had to be stuffed with more notes, and the cost of printing five 100-peso bills is higher than the cost of printing a single 500-peso bill.
The 100-peso note now has the purchasing power of about 27 pesos. But a recent poll shows that only 42% of Argentines favor printing more notes of larger denominations.
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On this day in 1938, the Treaty of Munich was signed by Hitler, Mussolini, Daladier and Chamberlain.
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What was the Treaty of Munich?
The Treaty of Munich, also known as the Munich Agreement, was an agreement signed on September 30, 1938, between Germany, Great Britain, France, and Italy. It aimed to resolve the crisis over the Sudetenland, a region of Czechoslovakia with a significant ethnic German population. The agreement allowed Germany to annex the Sudetenland, but it was stipulated that German forces would only occupy the areas with predominantly German-speaking populations. Czechoslovakia, excluded from the negotiations, was compelled to cede this territory without its consent.
Why did Britain and France agree to the Munich Agreement?
Britain and France, scarred by the trauma of World War I, were reluctant to enter another conflict. They believed that by appeasing Hitler and granting him the Sudetenland, they could prevent further aggression and maintain peace. This policy of appeasement, however, proved ineffective in deterring Hitler's ambitions.
How did the Munich Agreement contribute to World War II?
The Munich Agreement was a significant factor that emboldened Hitler and signaled to him that his territorial ambitions could be pursued without serious consequences. This contributed to the erosion of stability in Europe and created an environment conducive to further aggression, eventually leading to the outbreak of World War II in 1939.
