Miguel Juarez Celman

Baring crisis (July 1890) A financial crisis in ARGENTINA. The London merchant bank of Baring Brothers was the country's financial agent in Europe, where a crisis of confidence occurred over the inflationary policy of President Juarez Celman (1886–90). The President gave way to his deputy Carlos Pellegrini, who had to stabilize the currency and adopt the gold standard before London would give any more credit. One result was heavy urban unemployment, although the refrigerated beef and corn industries continued to expand. Approximately a century later (1995) Barings Bank collapsed as a result of unmonitored loss-making speculation by a futures dealer, Nick Leeson, on the Singapore markets.

Miguel Juárez Celman , 1844-1909, president of Argentina (1886-90). After political service in the province of Córdoba, he became president for a six-year term. Speculation, flagrant under his predecessor Julio A. Roca , now reached its height, and the administration was notorious for corruption. Political opposition to his government increased after he left his party. A revolt in July, 1890, was suppressed, but Juárez Celman was forced to resign (Aug., 1890). He was succeeded by Carlos Pellegrini.