In this week of global financial meltdown I thought I'd pull a photo from the archives. I took this on a visit to Buenos Aires in 2002 shortly after the crisis at the end of 2001 when they defaulted on their debt [the biggest default until Lehman!], devalued their currency, and went through five presidents in two weeks. These posters were put up outside the local headquarters of Banco de Boston, a gorgeous moorish-style building downtown, by angry depositors who's funds had been frozen.
Argentina is no stranger to economic crises and there is a sense here that the first world is getting their comeuppance. On Tuesday the president said that the first world's bubble has burst while Argentina stays firm. She was heavily criticized for this as there's a lot of evidence that the economy here is anything but firm. Still, there is resentment that the US doesn't follow the rules it lays down for other countries [free market! privitizations!] as well as a palatable fear that the crisis abroad will trigger one locally, as it has often in the past.
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