In a few years Argentina changed its position from liberalization showcase in Latin America to pariah in international financial markets. After one decade of fixed exchange rate regime and implementation of Washington Consensus reforms agenda, the country experienced a deep economic and social crisis. This paper analyzes origins and consequences of the Argentinean crisis. We argue that despite the recent success in the mega-swap, the country will face a long way to recover the negative heritage of the "Convertibilidad" period.
Argentine; debt restructuring; development
