Debts of silver country

Argentine, “the country of silver”, was once a successful country. At the beginning of the 20th century it was one of the ten richest countries in the world. Argentine could easily become the Great Britain or even the United States of the South America. However, after the Second World War the country experienced several ways of inflation and defaults. So what caused the sharp decrease of economy of the country with such a good potential and vast natural resources? We suggest to our readers a translation of extract about the history of defolts in Argentina from “The Ascent of Money” by Niall Ferguson. Translation: Valeria Kotil, intern «Price of the State».