· They were one of the richest nations in the early 20th century, but have lost that over time.
· In 2001, there was an economic crisis.
· In 1975 to 1990, there was rampant (hyper-) inflation. There was around 300% inflation per year. It was accompanied by government budgetary crises, which lead to national debt. They looked for mini bailouts in a sense from private lenders. They started to borrow internationally, which was successful in handling inflation; this helped stabilize the economy. Brazil faced an economic crisis in 1998, which lead to an economic crisis in Argentina. Banks started to fail, as well as exports. Businesses were unable to pay their loans. This led to them continuing to borrow internationally. Foreign investors started to leave. There is now a black market for Pesos, where people will offer you perhaps 10 Pesos for $1. This is illegal, and in some cases, you may receive counterfeit Pesos.
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