Argentina Can’t Escape Its Economic Curse

The story of what came to be known as the Barings Crisis of 1890 is studied by economic historians as the biggest sovereign debt meltdown of the century, Bloomberg News reported. But for Argentines, the fallout reverberates outside the pages of textbooks; for the same elements of boom and egregious bust lie at the root of the country’s economic and political upheaval to the present day. Argentina has spent 33% of the time since 1950 in recession, according to a World Bank report released in May. In global terms, that is second only to the Democratic Republic of Congo, which endured two major wars, three military coups and numerous regional conflicts over the same period. By comparison, Argentina’s larger neighbor Brazil has seen recession for 12% of that time. Read more