Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. Her government nationalized private pension funds in late 2008 in an attempt to bolster government coffers, but the move also adversely affected private investment spending.
Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis and global economic downturn in 2008 led to a recession that persisted until the third quarter of 2009. Austrian GDP contracted 3.5% in 2009 but it will probably see positive growth of nearly 2% in 2010. Unemployment has not risen as steeply in Austria as elsewhere in Europe, partly because its government has subsidized reduced working hour schemes to allow companies to retain employees. Such stabilization measures, stimulus initiatives, and the government's income tax reforms pushed the budget deficit to about 4% of GDP in 2009, from only about 1.3% in 2008. The Austrian economy has benefited greatly in the past from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe, but these sectors have been vulnerable to recent international financial instabilities. Some of Austria's largest banks have required government support - including in some instances, nationalization - to prevent insolvency and possible regional contagion. In the medium-term all large Austrian banks will need additional capital. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset growing unemployment and Austria's aging population and exceedingly low fertility rate.
Bolivia is one of the poorest and least developed countries in Latin America. Following a disastrous economic crisis during the early 1980s, reforms spurred private investment, stimulated economic growth, and cut poverty rates in the 1990s. The period 2003-05 was characterized by political instability, racial tensions, and violent protests against plans - subsequently abandoned - to export Bolivia's newly discovered natural gas reserves to large northern hemisphere markets. In 2005, the government passed a controversial hydrocarbons law that imposed significantly higher royalties and required foreign firms then operating under risk-sharing contracts to surrender all production to the state energy company in exchange for a predetermined service fee. After higher prices for mining and hydrocarbons exports produced a fiscal surplus in 2008, the global recession in 2009 slowed growth. A decline in commodity prices that began in late 2008, a lack of foreign investment in the mining and hydrocarbon sectors, a poor infrastructure, and the suspension of trade benefits with the United States will pose challenges for the Bolivian economy in 2010.
Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for more than one-fourth of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the situation in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. In the years since then, growth has averaged 4% per year. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 57 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. Over the past five years, foreign direct investment inflows have quadrupled to some $17 billion in 2008, but FDI dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of September 2008, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20 billion. Chile used $4 billion from this fund to finance a fiscal stimulus package to fend off recession. The economy was starting to show signs of a rebound in the fourth quarter, 2009, although GDP still fell more than 1% for the year. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates. The magnitude 8.8 earthquake that struck Chile in February 2010 was one of the top ten strongest earthquakes on record. It caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.
Colombia experienced accelerating growth between 2002 and 2007, chiefly due to improvements in domestic security, rising commodity prices, and to President URIBE's promarket economic policies. Foreign direct investment reached a record $10 billion in 2008. A series of policies enhanced Colombia's investment climate: President URIBE's pro-market measures; pro-business reforms in the oil and gas sectors; and export-led growth fueled mainly by the Andean Trade Promotion and Drug Eradication Act. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion. Because of the global financial crisis and weakening demand for Colombia's exports, Colombia's economy grew only 2.6% in 2008, and contracted slightly in 2009. In response, the URIBE administration cut capital controls, arranged for emergency credit lines from multilateral institutions, and promoted investment incentives, such as Colombia's modernized free trade zone mechanism, legal stability contracts, and new bilateral investment treaties and trade agreements. The government also encouraged exporters to diversify their customer base beyond the United States and Venezuela, traditionally Colombia's largest trading partners. The government is pursuing free trade agreements with European and Asian partners and awaits the approval of a Canadian trade accord by Canada's parliament. In 2009, China replaced Venezuela as Colombia's number two trading partner, largely because of Venezuela's decision to limit the entry of Colombian products. The business sector remains concerned about the impact of the global recession on Colombia's economy, Venezuela's trade restrictions on Colombian exports, an appreciating domestic currency, and the pending US Congressional approval of the US-Colombia Trade Promotion Agreement.
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for nearly four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in mid 2009 and GDP contracted by 0.8% in 2009. In addition, the budget deficit is on the rise and reached 4.4% of GDP, a violation of the EU's budget deficit criteria of no more than 3% of GDP. In response to the country's deteriorating finances, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. As in the area administered by Turkish Cypriots, water shortages are a perennial problem; a few desalination plants have been added to existing plants over the last year and are now on line. After 10 years of drought, the country received substantial rainfall from 2001-04. Since then, rainfall has been well below average, making water rationing a necessity.
Finland has a highly industrialized, largely free-market economy with per capita output roughly that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone, and will serve as a brake on economic growth in 2010. The slowdown of construction, other investment, and exports will cause unemployment to rise further from the 2009 level. The recession will leave a deep, long-lasting mark on general government finances and the debt ratio. It turned previously strong public finances into deficit within a year. In the next few years, the great challenge of economic policy will be to implement a post-recession exit strategy in which measures supporting growth will be combined with general government adjustment measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.
Greece has a capitalist economy with the public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4.0% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But growth dropped to 2% in 2008. The economy went into recession in 2009 and contracted by 2%, as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit, which was triggered by falling state revenues, and increased government expenditures. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 13.7% of GDP. Public debt, inflation, and unemployment are above the euro-zone average while per capita income is below; debt and unemployment rose in 2009, while inflation subsided. Eroding public finances, a credibility gap stemming from inaccurate and misreported statistics, and consistent underperformance on following through with reforms prompted major credit rating agencies in late 2009 to downgrade Greece's international debt rating, and has led the country into a financial crisis. Under intense pressure by the EU and international market participants, the government has adopted a medium-term austerity program that includes cutting government spending, reducing the size of the public sector, decreasing tax evasion, reforming the health care and pension systems, and improving competitiveness through structural reforms to the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of often vocal opposition from the country's powerful labor unions and the general public. Greek labor unions are striking over new austerity measures, but the strikes so far have had a limited impact on the government's will to adopt reforms. An uptic in widespread unrest, however, could challenge the government's ability to implement reforms and meet budget targets, and could also lead to rioting or violence. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May, the International Monetary Fund and Eurozone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totalling $40 billion over three years, on top of the tough austerity measures already taken.
India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. An industrial slowdown early in 2008, followed by the global financial crisis, led annual GDP growth to slow to 6.5% in 2009, still the second highest growth in the world among major economies. India escaped the brunt of the global financial crisis because of cautious banking policies and a relatively low dependence on exports for growth. Domestic demand, driven by purchases of consumer durables and automobiles, has re-emerged as a key driver of growth, as exports have fallen since the global crisis started. India's fiscal deficit increased substantially in 2008 due to fuel and fertilizer subsidies, a debt waiver program for farmers, a job guarantee program for rural workers, and stimulus expenditures. The government abandoned its deficit target and allowed the deficit to reach 6.8% of GDP in FY10. Nevertheless, as shares of GDP, both government spending and taxation are among the lowest in the world. The government has expressed a commitment to fiscal stimulus in FY10, and to deficit reduction the following two years. It has increased the pace of privatization of government-owned companies, partly to offset the deficit. India's long term challenges include widespread poverty, inadequate physical and social infrastructure, limited employment opportunities, and insufficient access to basic and higher education. Over the long-term, a growing population and changing demographics will only exacerbate social, economic, and environmental problems.
Israel is considered one of the most advanced countries in Southwest Asia in economic and industrial development. In 2010, it joined the OECD.The country is ranked 3rd in the region on the World Bank's Ease of Doing Business Index as well as in the World Economic Forum's Global Competitiveness Report It has the second-largest number of startup companies in the world (after the United States) and the largest number of NASDAQ-listed companies outside North America.In 2010, Israel ranked 17th among of the world's most economically developed nations, according to IMD's World Competitiveness Yearbook. The Israeli economy was ranked first as the world's most durable economy in the face of crises, and was also ranked first in the rate of research and development center investments.The Bank of Israel was ranked first among central banks for its efficient functioning, up from the 8th place in 2009. Israel was also ranked as the worldwide leader in its supply of skilled manpower.
Specializing in debt collection and recovery in Korea and worldwide since 2005, Ace Law Group is a nationally and internationally respected law firm comprised of highly skilled legal professionals with over 20 years of experience in careers as judges and public prosecutors. As we only charge a collection fee if, and only if, we are successful in our collection efforts, you can be assured that we will do everything in our expertise to recoup your delinquent debts. Preserving the health of your cash flow and your business reputation and relations are our uppermost priorities.
In addition to being specialists in domestic and international debt collection, we are also a premier provider of boutique consultancy and litigation services in M&A, corporate bankruptcy and reorganizations, foreign investment, employment, intellectual property rights, fair trade and monopoly regulation, and securities and finance. We also specialize in the notarization of legal documents.
We tailor-make all our debt collection and recovery services to suit your company's individual collection needs. Our collection services embrace:
We ensure total quality management across all our collection services and put particular store in maintaining a strict workflow when it comes to transparent and prompt correspondence with you and your debtor.
Ace Law Group's clients stem from a wide range of industries and government entities and include international credit insurers, banks, global financial corporations, exporters and importers, manufacturers, freight forwarders, and international law firms and collection agencies.
Trust our experience to manage your international credit.
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Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
Having your invoices paid on time should be a normal part of your day-to-day business. But some debtors either forget about the due date of their debts, or they default on payment because of lack of funds. Whatever the reason, non-payment of debt hurts your business and calls for swift and sensible action.
With representation in more than 100 countries worldwide, we are your unique partner in collecting late payments as close to the debtor as possible. We assemble local risk management professionals, debt collectors, and specialized law firms to get your money back to you as quickly and as safely as possible. By managing your overdue receivables, we aim to protect the health of your cash flow.
Efficient, ethical and quality consumer and commercial debt management has been our speciality for 25 years. Let us do our business, so you can do yours.
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