Argentina’s Long History of Economic Booms and Busts
Argentina first defaulted on its sovereign debt in 1827, just 11 years after declaring independence from Spain. The agricultural backwater of the Spanish empire had long survived on smuggling contraband to skirt the tight royal restrictions on trade and tax. The lush farmlands across the Pampas provided a steady stream of exports and income for the fledgling nation, but the first economic credit crises was soon to flare.
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