The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

What went wrong in Argentina?

In August the markets rocked and, in turn, Argentina was dumped. Chloe Hayward goes to Buenos Aires to find out why.


"THIS IS THE worst day in four years," is the greeting given to Euromoney at the start of a meeting in Buenos Aires on August 4. As the markets in Argentina tumbled it is apparent that, despite the success stories that have come out of the country in the last four years, it is still highly vulnerable.

The August turbulence was the first true test that Argentina has faced since the 2001 crisis and, in many ways, the market didn’t fare well – investors dropped Argentine investments before those anywhere else in the region, even Venezuela. What is Argentina doing to deserve this investor reaction?

This question becomes yet more intriguing when you start talking to bankers in Buenos Aires. "Argentina has been a big opportunity since the 2001 crisis," says Luis Caputo, chairman of Deutsche Bank in Argentina. "Several banks have come back and expanded operations in the past 24 months, the opposite to what happened in 2001 when they all shrank their operations here."

Fabio Saraniti, head of fixed income and products for Santander Rio in Argentina, agrees: "Argentina has been a success story, with good economic growth in the last five years since the crisis," he says.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree