2001 Argentine economic crisis

The 2001 Argentine economic crisis was a severe financial collapse caused by excessive government debt, high public spending, and a fixed exchange rate between the peso and the dollar, which overstretched Argentina’s economy. This led to a loss of international confidence, currency devaluation, soaring unemployment, and widespread poverty. The government defaulted on its debt, froze bank deposits, and underwent significant economic turmoil. The crisis highlighted vulnerabilities in managing economic policies, resulting in years of instability and recovery efforts.