ABSTRACT
The crisis of the 1930s was different in scale and character. Then, the foreign debt was in public bonds, not in the banking sector. The German 'economic miracle' is based on the 1948 monetary and financial reform. However, a wide-ranging financial reform adapted to the situation in Argentina is equally necessary if we are to overcome the crisis and free the forces of economic growth. Argentina is faced with a situation that is typical of a country which has emerged from a war with its productive apparatus and its fiscal and financial systems destroyed. In order to facilitate this reform and to minimise its social effects, adequate payment should be made to the personnel made redundant, and outline plans be drawn up for whatever transformation, closure or regrouping of the financial institutions involved be deemed necessary. Without a prior financial reform all the political objectives, called for by both business and labour organisations, would remain as unachievable dreams.
