The 1982 Debt Crisis: Argentina's Economic Collapse

We trace the sudden unraveling of Argentina’s economic golden age in early 1982. Just months before the Malvinas War, a massive debt crisis triggered by global interest rate hikes and the peso devaluation sent the economy into freefall. We examine how President Raúl Alfonsín inherited this mess, the failed attempts to stabilize the currency with the Austral Plan later on, and the human cost of the inflation that followed. This episode looks at the specific mechanisms of the debt trap, the role of international banks like Citibank, and why the political focus on war masked the deeper financial rot that would define the next decade.

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