“In Argentina, we have a financial crisis every five years, and after each one, we are a little worse off.”

We had wandered into Alejandro’s tour company looking for information on a few day trips from Buenos Aires; the history lesson on the Argentine economy  was a bonus.

“Our last crisis was about five years ago,” he explained.  “My wife had the equivalent of ninety thousand U.S. dollars in the bank.  There was a run on the bank and a devaluation of our currency. Some people lost everything.”

“My wife received a bond that matures in 2013.  It will be worth thirty thousand U.S. dollars – if the government can pay it.”

“Her money vanished, and was replaced by a vague promise. That’s why people here don’t trust banks.  Businesses want to be paid in cash, and when people have cash they either buy property or hide it in their mattresses.  It makes things very difficult,” Alejandro said.

Difficult indeed.

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