Argentina 1890: The Baring Crisis and the First Default

In 1890, Argentina was the darling of global investors—a booming economy fueled by British capital, railroad expansion, and wheat exports. But when a speculative bubble burst, the country defaulted on its sovereign debt for the first time, triggering a financial crisis that would shape its relationship with international markets for generations. This episode dives into the Baring Crisis: how the investment bank Baring Brothers nearly collapsed, the role of President Miguel Juárez Celman and his 'Unicato' regime, the violent Revolution of 1890 launched by the newly formed Unión Cívica Radical, and the lasting legacy of default and moral hazard. We explore the panic on the Buenos Aires stock exchange, the rescue deal brokered by the Rothschilds, and how Argentina's first sovereign default set a pattern that would recur tragically in 2001 and beyond.

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