Argentines: From Riches to Poverty, Why?

From Riches to Poverty

Argentina has gone from being a vibrant, rich country to one in economic upheaval in a matter of years. This is the story of a country that went from riches to poverty in the blink of an eye.

Why 70% Inflation Is Just One of Argentina's Problems: QuickTake - Bloomberg
Why 70% Inflation Is Just One of Argentina’s Problems: QuickTake – Bloomberg

Argentina’s history is littered with economic booms and busts, but the most recent crisis, which slammed the country in 2018, was catastrophic.

Despite the government’s efforts to stabilize the economy

The future of its population remains uncertain. But what actually caused this sudden decline?

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Argentina’s economic crisis was caused by a mix of variables such as high inflation, currency depreciation, and a significant fiscal deficit.

The impact on the populace was significant, with severe inflation and currency depreciation making it difficult for people to afford basic essentials such as food and medicine. High unemployment also resulted in widespread poverty and hardship.

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To deal with the problem, many citizens turned to alternate payment methods, such as cryptocurrencies such as Bitcoin and even US money.

Argentina’s government took moves to stabilize the economy, such as instituting austerity measures and seeking financial aid from international organizations. However, the road to recovery is still long and unclear.