On this day: December 23

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2001 • neutral • 5 views

Argentina Announces Default on Foreign Debt Amid Economic Crisis

Crowd outside a bank in Buenos Aires in late 2001, with people queuing and police presence; signs of unrest and long lines of depositors visible.

On December 23, 2001, Argentina effectively defaulted on roughly $100 billion in sovereign debt after a deepening recession, banking restrictions and political turmoil made servicing obligations unsustainable. The move triggered immediate economic and social fallout domestically and reverberated through global markets.

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