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Article: Hope Glimmers Again For Argentine Economy; Currency and Banking System Appear to Stabilize
- Article from:
- The Washington Post
- Article date:
- November 26, 2002
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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This modest factory town with its humble wooden homes in the
shadow of the Andes fell into despair last December. As Argentina
suffered a financial meltdown, the local textile plant -- the largest
source of jobs -- was forced to shut down, leaving hundreds of
workers unemployed.
But a few months ago, hope returned to Las Piedras. Boosted by a
devaluation of the Argentine peso, which made the town's thread more
competitive with once-cheaper imports, the factory reopened its
doors. The Pol Ambrosio Thread Factory, whose spinning of raw cotton
into thread has, since the 1970s, provided for most of the 4,000
residents here, is now in the midst of an expansion that will mean
350 jobs when it is ...