The 1982 Debt Crisis: Argentina's Hidden Default

Long before the hyperinflation of the 1980s or the political chaos of the Dirty War, Argentina faced a silent killer that nearly bankrupted the nation from within. In this episode, we trace the catastrophic debt crisis of 1982, focusing on the pivotal role of Central Bank President Juan Sourrouille and the controversial Brady Plan negotiations. We explore how the discovery of hidden external debt in 1981 shattered the illusion of economic stability, leading to a technical default that forced the military junta into a desperate corner. The conversation examines the 'Rodrigazo' austerity measures under President Raúl Alfonsín, the rise of import substitution industrialization as both a shield and a trap, and the specific impact on the working class during the early democratic transition. Through the lens of economist Miguel Ángel Broda and the shadow of the Tequila Crisis precursor, we uncover how international creditors like Citibank and Banco Santander shaped Argentina's modern economic identity. This is not just a story of numbers, but of policy failures, bureaucratic secrecy, and the long-term structural scars left on the Argentine economy by decisions made behind closed doors in Buenos Aires and New York.

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