From World’s 6th-Largest Economy to Its 10th Default: Argentina’s Lessons (Analysis)

With the highest per capita GDP in the world in 1896, Argentina experienced a string of setbacks, dictatorships, and other institutional mishaps that undermined the country's future.

RIO DE JANEIRO, BRAZIL - It was on December 20th, 2001 that Argentinian President Fernando de La Rua stepped down, leading the country to an unprecedented cycle of five Presidents in just 12 days.

Poverty and unemployment took over Buenos Aires and the rest of the country, leading people to create neighborhood councils and parallel currencies to survive the Argentine collapse. The middle class, which represented 63 percent of the population at the start of the last decade, has now been reduced to 34 percent. Unemployment reached 16 percent, while the dollar skyrocketed with the end of the peso-dollar convertibility . . .

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