| Buenos Aires |
Argentina is rich in resources, has a well-educated workforce and is one of South America's largest economies. But it has also fallen prey to a boom and bust cycle.A deep reces sion foreshadowed economic collapse in 2001. This left more than half the population living in poverty and triggered unrest. The country struggled with record debt defaults and currency devaluation. By 2003 a recovery was under way, and the International Monetary Fund (IMF) agreed to a vital new loan. Since then, Argentina has restructured its massive debt, offering creditors new bonds for the defaulted ones, and has repaid its debt to the IMF. But with poverty rife and unemployment high, many Argentines still await the benefits of the economic upturn.Argentines gave the world the tango. They are mad about soccer, and are reckoned to be the best polo players. Their love of horses is best personified by the figure of the Argentine 'gaucho', the solitary, independent ranch-hand. |
