Argentina competed with other South American countries and a few countries from other areas of the world for the dubious honor of having the world’s highest inflation rate from the end of WWII until the 1990s. The price rise in Argentina was propelled by rapidexpansion of the money supply, as is always the case with rapidinflation. The government needed a system of taxation that was difficult to dodge and politically simple to execute, and seigniorage collected by monetary expansion fit the bill.
Argentina, like many other chronic-inflation economies, had repeated bouts of hyperinflation followed by attempts to stabilize the situation. In such an inflationary economy, a typical cycle begins with an increase in money production to meet the government’s financial needs. As inflation rises, political pressure to lower it grows, eventually leading to “monetary reform.” The introduction of a new currency (which is convenient because inflation has typically moved nominal prices of goods and services into the thousands, millions, billions, or even trillions of units of the old currency) and promises from the government (which is in charge of the budget) and the central bank (which is in charge of issuing money and is often under direct control of the government) to follow rules leading to slower monetisation are common examples of such reforms.
These rules are frequently in the form of monetaryrules, in which the central bank promises to keep the money supply growth rate within set bounds. Alternatively, under a so-called exchange-rate regulation, countries may guarantee to keep the foreign-exchange rate (the amount of domestic currency required to purchase one dollar in the foreign-exchange market) steady.
Credibility is a fundamental issue with anti-inflationary reforms. People become increasingly dubious of government and central-bank promises to keep inflation under control after inflationary expectations have been engrained in a society. They maintain “defense mechanisms” against the consequences of inflation and the inflation tax as a result of their skepticism.
Keeping wealth in non-inflationary forms is one of these defense mechanisms. People in high-inflation countries often protect their money by holding assets denominated in US dollars. Wealthy members of these groups frequently put their money in American banks or own stock in American companies (this is called “capital flight”). Less affluent people frequently carry $100 bills. Another type of “inflation hedge” is real assets that are not directly tied to the financial sector. Many people in high-inflation economies choose to invest in tangible assets like houses, gold, or even rice rather than financial assets like bank deposits.
Contract and payment indexation is another typical defense strategy. This entails incorporating an inflation-based adjustment of all nominal payments within the contract to account for price fluctuations. Although indexation is tremendously beneficial in assisting an economy cope with excessive inflation, it can also add to inertia, making it more difficult for the central bank to control inflation. Wages (or whatever remuneration is provided for in the contract) may continue to climb after inflation has halted in some forms of indexed contracts. As a result, wage costs continue to rise, forcing businesses to raise prices even after monetary expansion, which was the primary cause of inflation, has slowed.
Argentina had gone through nearly a dozen cycles of hyperinflation and reform by 1990. None of the changes managed to keep inflation low for more than a few years before budgetary pressure and a loss of credibility prompted the central bank to abandon monetary restraint and ramp up the printing press once more. The public’s mood was a mix of desperation for inflation to be eradicated and deep scepticism about the likelihood of effective anti-inflationary actions.
In 1990, President Carlos Menem and his economics minister, Domingo Cavallo, embarked on a really extreme anti-inflationary reform: they introduced a currency board, a straitjacket monetary system. Every unit of the domestic currency (the peso in Argentina’s instance) is backed by a corresponding number of units (one in Argentina) of dollars or other foreign currencies in the central bank’s vault under a currency board (which was also routinely used to control the money supply of Hong Kong). The central bank is only allowed to expand the money supply when additional dollars arrive into its coffers (for example, when the country has a trade surplus). This eliminates the prospect of fiscal expansion of the money supply. The Argentine central bank agreed to swap dollars for pesos on a one-for-one basis, meaning that anyone who handed in a peso might get a dollar in return.
A currency board eliminates the central bank’s capacity to issue money voluntarily. Its primary flaw is that it makes it impossible for monetary policy to adapt to domestic economic conditions like recession or banking crises. The currency board, on the other hand, makes sustained inflation impossible as long as it is in place.
The following are excerpts from Domingo Cavallo’s article “Lessons from the Stabilization Process in Argentina, 1990-1996,” which was published in the proceedings of the Federal Reserve Bank of Kansas City’s 1996 symposium AchievingPrice Stability.
The stabilization plan
The government began overhauling the organization of the Argentine economy in 1990. It featured (a) total liberalization of foreign commerce and capital movements, (b) privatization of public businesses and economic deregulation, (c) reduction of the public sector’s bureaucratic apparatus and tax system reconstruction, and (d) the development of a new monetary system.
Government spending plummeted from 35.6 percent of GDP in 1989 to 29.8 percent in 1990, and then to 27 percent of GDP in 1995. The budget deficit fell rapidly from 7.6% of GDP in 1989 to 2.3 percent in 1990, and from 1991 onward, it hovered around 0%, following the economic cycle.
In competitive and open markets, prices for products and services began to be established freely. Since April 1991, all financial and commercial transactions have been conducted in the currency of the public’s choice. The convertible peso, which came with the central bank’s metamorphosis into a virtual currency board, was one of the options. The central bank must back each peso in circulation by an equal amount of gold or foreign exchange, allowing peso holders to exchange one peso for one dollar at any time.
Indexation clauses and other monetary changes in contract conditions were prohibited by the same statute that created this monetary system. Wage agreements reached through collective bargaining had to be accompanied with productivity agreements.
Inflation declined from 1,344 percent in 1990 to 84 percent in 1991, 17.5 percent in 1992, 7.4 percent in 1993, 3.9 percent in 1994, 1.6 percent in 1995, and 0 percent in 1996 during the twelve-month period between June 1995 and June 1996.
The new monetary system fostered a significant growth in the external reserves that back the central bank’s monetary liabilities. Reserves increased from $3.8 billion at the end of 1989 to $17.9 billion in 1994. This trend was reversed when a drop in confidence following the devaluation of the Mexican peso resulted in capital flight from Argentina, with reserves falling to $12.5 billion by the end of March 1995. However, confidence was restored as a result of the policies implemented in response to the crisis. Reserves have already topped $20 billion by the end of June 1996.
GDP increased at an annual rate of 7.7% on average between 1991 and 1994. However, the economy entered a period of recession after the second quarter of 1995 as a result of capital flight. The recession lasted a year, and the economy was already showing indications of recovery in the second quarter of 1996, with an annual rate of 3%.
Exports, which had been almost static for the preceding decade, rose rapidly during the stabilization period.
With the start of the recession in 1995, imports, which had increased substantially faster than exports until 1994, dropped.
Despite the substantial growth in GDP, employment developed slowly and experienced a decrease during the recession that began in 1995. The significant growth in worker productivity, which by mid-1996 had reached 1980 levels, explains the economy’s poor performance in regard to employment. The tremendous growth of the economy during this time allowed for the conversion of many low-productivity or unproductive activities that had been artificially formed during the 1980s decade into productive endeavors. This, however, was insufficient to engage the whole labor force. As a result, starting in 1992, the unemployment rate rose, reaching a high of 18.4% of the working population in May 1995. There has been a small decline in unemployment since then. In May 1996, a poll revealed a rate of 17%, which was still three times greater than in the 1980s.
The percentage of households living in poverty (an average of 26 percent in the late 1980s, rising to 29 percent during the hyperinflationary period) decreased to 13 percent in 1994, but rose to 17 percent during the 1995 recession.
Lessons of the Argentine disinflation
The fundamental takeaway from Argentina’s stabilization experience is that inflation may be eliminated even when an economy has been plagued by it for decades. Even after many years of looking for stability, it is not necessary to accept yearly inflation rates of around 10% in Latin American economies.
Another key takeaway from the Argentine experience is that fiscal adjustment, defined as a reduction in government spending, as well as the reduction and elimination of budget deficits, are the keys to stabilization after decades of instability, the source of which is primarily monetary financing of persistent fiscal deficits.
The application of basic discipline on both the private and public sectors is of particular relevance in a society in economic instability owing to inflation. External and internal competitionachieved through economic liberalization, deregulation, and the privatization of public companiesis an outstanding private-sector disciplining tool. The budget is the public sector’s disciplinary instrument. The monetary system is critical for achieving the transparency required for markets and the budget to work effectively.
In Argentina, the achievement of stabilization is attributed neither to quantitative control of the national currency nor to setting its value in terms of the dollar, because these two monetary policy norms were not strictly followed. The government gave the people the option of using any currency they wanted in their transactions and savings. In practice, the public was given the option of choosing between the American dollar, which the public had previously converted into its currency during hyperinflation, and the convertible peso, which the central bank began to offer. This currency should be at least as stable as the dollar, according to the Convertibility Law. As a result, its initial production was limited to the amount that could be backed by the central bank’s gold and foreign currency reserves. The prohibition on monetary adjustments or indexation clauses in contracts was maintained due to the freedom to choose the currency to employ, which was not necessarily restricted to the peso and the US dollar. This was crucial in eradicating all traces of inflationary inertia from the system.
The peso’s stability in relation to the dollar was not an impediment to a strong expansion of exports, which was far bigger than in the previous decade, when the Argentine currency was drastically overvalued. It was also unnecessary to depreciate the peso in order to decrease the current account deficit of the balance of payments, which peaked at 3.3 percent of GDP in 1994 before plummeting to just 0.9 percent in 1995.
The peso’s stability was critical in encouraging public officials and private enterprises to focus more on the real determinants of external competitiveness, such as economically distorting laws and taxes, as well as factor productivity.
The significant economic growth during the stabilization period can be explained by an increase in investment and productivity rates. Allowing higher inflation could not have prevented the rise in the jobless rate. With the exception of the year when the economy was in recession, aggregate demand was consistently rising and threatening to overheat the economy. The causes of unemployment can be traced back to labor market institutional rigidities and 1980s low productivity levels. In both cases, the price stability-achieved transparency offers a much more favourable climate for enhancing the quality of the public policy debate and labor talks that are required to overcome them.
Everything didn’t turn out to be rosy
The aforementioned case study was first published in 1998. Argentina’s financial system began to unravel shortly after that. In early 1995, the banking sector had a crisis as a result of unrelated problems in Mexico, which resulted in a loss of confidence in Argentina. Some of Argentina’s most important banks were in crisis, and the currency board structure prevented the central bank from taking any remedial action, such as acting as a lender of last resort or engaging in general monetary expansion.
Then, in early 2002, a combination of bank problems and mounting government debt triggered a national economic crisis comparable to the Great Depression in the United States. While the currency board was not to blame for the crisis (government budgetary recklessness was), it did limit the central bank’s ability to assist alleviate it. We won’t go into detail about the latter crises because the major focus in this case is on defeating inflation; but, if you want more information, you may read this piece from The Economist’s March 2, 2002 issue for a detailed explanation of the downturn.
Argentina has reverted to some of its previous populist measures in the aftermath of the crisis. Although inflation has not skyrocketed, it has been running at much higher rates than it was during the currency board period. A more recent comparison of the economic policies and outcomes of Argentina and Brazil may be found here.
Questions for analysis
1. What were the consequences of Argentina’s high and fluctuating inflation before to 1990 on the “real” side of the economy? What sectors of society suffered the largest losses? Were there any people who benefited?
2. Why does hyperinflation occur if everyone believes that it is bad? There is some evidence that countries with central banks that are not controlled by the elected government have lower inflation rates. Why is this the case?
3. What is the primary benefit of a currencyboard system in terms of anti-inflation credibility? Why is trustworthiness so important?
4. During the Mexican currency crisis in 1995, some international speculators withdrew funds from Argentine pesos and other South and Central American currencies, fearing that the peso would devalue against the dollar. Explain why a devaluation of the peso could not occur as long as Argentina adhered to its currency board policies.
Is Argentina a country with a lot of inflation?
Reuters, BUENOS AIRES, March 15 – Argentina’s monthly inflation rate soared to 4.7 percent in February, the highest since March 2021 and considerably higher than projections, according to the national statistics agency, as the South American country’s president declared a “war” against skyrocketing costs.
How is Argentina’s inflation?
The news that inflation in the UK has risen to 5.4 percent, the highest level in over 30 years, has sent shockwaves through society, as many people struggle to keep up with growing prices.
However, annual inflation in Argentina reached 50.9 percent in 2021, up from 42 percent in 2020 and 53 percent in 2019. According to data provider Statista, the country has had one of the highest inflation rates in the world over the past five years. Because of the volatility, President Alberto Fernndez praised the fact that inflation in December 2021 was lower than a year earlier – although only decreasing 0.2 percent.
The peso’s value has plummeted in the last 20 years. It was on level with the US currency two decades ago, but now one peso is worth less than one penny. While the numbers are astonishing, everyday individuals are affected on a personal level.
Why are Argentina’s interest rates so high?
Reuters, BUENOS AIRES, Nov 12 – Argentina raised interest rates on Thursday, a move intended at supporting peso savings and reining in prices amid a larger economic crisis, after monthly inflation soared to the highest level this year. The overnight and 7-day reverse repo rates were also hiked by the central bank.
Why is Argentina always in a state of emergency?
The pandemic has intensified a flight of foreign capital, lowering the value of the Argentine peso. As a result, the cost of imports such as food and fertilizer has soared, and the inflation rate has remained above 40%. More than four out of ten Argentines live in poverty.
An inevitable renegotiation with the International Monetary Fund, which Argentines despise for imposing painful budget austerity as part of a bailout deal two decades ago, looms over national life this year.
Argentina must draw up a new repayment schedule for $45 billion in IMF obligations after the pandemic decimated its public resources. The most recent and largest bailout in the fund’s history a $57 billion package of loans provided to Argentina in 2018 is to blame for this burden.
The fund’s customary veneration for austerity has waned under new management, easing some of the normal worry. Regardless, the negotiations will undoubtedly be difficult and politically tumultuous.
Who has the world’s greatest inflation rate?
Venezuela has the world’s highest inflation rate, with a rate that has risen past one million percent in recent years. Prices in Venezuela have fluctuated so quickly at times that retailers have ceased posting price tags on items and instead urged consumers to just ask employees how much each item cost that day. Hyperinflation is an economic crisis caused by a government overspending (typically as a result of war, a regime change, or socioeconomic circumstances that reduce funding from tax collection) and issuing massive quantities of additional money to meet its expenses.
Venezuela’s economy used to be the envy of South America, with high per-capita income thanks to the world’s greatest oil reserves. However, the country’s substantial reliance on petroleum revenues made it particularly vulnerable to oil price swings in the 1980s and 1990s. Oil prices fell from $100 per barrel in 2014 to less than $30 per barrel in early 2016, sending the country’s economy into a tailspin from which it has yet to fully recover.
Sudan had the second-highest inflation rate in the world at the start of 2022, at 340.0 percent. Sudanese inflation has soared in recent years, fueled by food, beverages, and an underground market for US money. Inflationary pressures became so severe that protests erupted, leading to President Omar al-ouster Bashir’s in April 2019. Sudan’s transitional authorities are now in charge of reviving an economy that has been ravaged by years of mismanagement.
Is Argentina experiencing hyperinflation?
Of all, the 50% inflation rate they face in a typical year in Argentina the result of decades of economic mistakes that have eroded trust in the central bank is significantly greater than the 6.8% rate Americans are experiencing.
When did Argentina’s inflation begin?
Prior to the debt crisis of the 1980s, inflation began to rise. Argentina, on the other hand, began creating money to combat the recession that followed the crisis. Between 1975 and 1990, this resulted in an average yearly inflation rate of 300 percent. The purchasing power of the middle class, for example, fell by 30% in the 1980s. The Argentinian currency, the peso, was replaced with the austral in 1985 to combat hyperinflation. One austral equals 1,000 pesos. Monthly inflation rates, on the other hand, remained strong, topping 20% after 1988. The Argentinian peso, which had once again become the official currency, was anchored to the US dollar in 1991. The expansion of the money supply was likewise regulated by law.
Why did Argentina’s inflation targeting fail?
We show that the fundamental reason for its failure was an internal discrepancy in how the central bank conducted inflation targeting, which was accelerated in December 2017 by a negative credibility shock.
What country has the highest rate of interest?
Venezuela had the highest deposit interest rate in the world as of January 2022, at a rate of up to 36 percent. Argentina, another South American country, was second on the list, with an interest rate of 33.9 percent.
Argentina produced the world’s first animated feature film in 1917
Move over, Disney: there’s a new legend in town, one that few of us have heard of! Quirino Cristiani created the first feature-length animated film in 1917. El Apstol, a 70-minute film, depicted Argentina’s high levels of corruption and immorality at the time.
Cristiani claims an encounter with Walt Disney himself during his tour of Latin America prompted him to make the film.
The film was made with cutout animation and garnered positive reviews. However, it was only in the world for a brief period until it was destroyed in a fire in an apartment in 1928.
Yerba Mate is the most popular drink in Argentina
You’ll be hard pressed to find a drink as iconic than yerba mate when it comes to famous South American beverages. If you visit Argentina, you’ll notice individuals drinking this caffeinated beverage using a bombilla, a metal straw.
The Argentinians are enthusiastic about mate, dubbed the national drink, and even have an annual day of celebration in its honor on November 30th! More than just an energizing beverage, Argentinians have made mate drinking a communal activity, with the drink being passed around among friends.
Unfortunately for tourists to the country, there are many laws regarding mate drinking etiquette. They can be difficult to comprehend, so read our article on yerba mate to learn how to fit in with the natives.
Argentina is home to both the highest and lowest points of the Southern Hemisphere
If you’ve been to any part of South America, you’ll know that the continent is full with extremes, and Argentina is no exception!
With a peak of 6,962 meters, Mount Aconcagua in Mendoza is the highest point in the Southern Hemisphere. One of the Seven Summits of the Seven Continents, the mountain is part of the Seven Summits of the Seven Continents. In 1897, Edward FitzGerald, a well-known British mountaineer, led the first recorded ascent of Aconcagua.
The lowest point in the Southern Hemisphere, on the other hand, is Laguna del Carbon, a salt lake in the Santa Cruz province. This basin, which translates to ‘coal lagoon,’ is 105 meters below sea level and the world’s seventh lowest spot.
The capital of Argentina Buenos Aires translates to the ‘good airs’ or ‘fair winds’
As one might think, there has been much debate regarding how Buenos Aires earned its name, but the general opinion is that it stems from the advent of the Spanish conquistadors in the 16th century.
Pedro de Mendoza, one of these men, was in charge of creating and naming the port city of Buenos Aires. He was a follower of the Virgin Mary of Good Air, Santa Maria del Buen Ayre. The origins of this branch of Catholicism can be traced back to the Italian island of Sardinia. A statue of the Virgin Mary stands atop a towering hill in this location. This peak was said to be the only spot to get away from the stench of the wetlands below during the 14th century. As a result, the name ‘Good Air’ was coined.
A new mythology arose a few years after the Virgin Mary monument was erected atop the hill. It is reported that she washed up on the shore during a violent storm, and that the statue itself protected the Sardinians. The terms “fair breezes” and “excellent air” are now interchangeable.
Pedro de Mendoza named the port town after Santa Maria del Buen Ayre, because he was such a devout believer of her. The modern-day Buenos Aires is not the same as the one founded by Pedro de Mendoza, yet it bears the same name.
Argentina is the King of Beef but this is changing
Beef is a staple of Argentinian cuisine, and the country is riddled with steakhouses (also known as parrillas) eager to give you a succulent cut of meat. Argentina’s beef has grown so well-known for its softness that it is offered all around the world.
Asados (barbecues) are an integral part of Argentine culture and provide an opportunity for family and friends to meet up over dinner. You’ll probably see ribs, pig, and chicken on the barbecue in addition to beef.
In 2020, annual beef consumption in the United States was calculated to be 49.7 kilos per person, which, while it appears excessive, is really a historic low for the country. This could be owing to the COVID-19 issue, which drove lower-income people out of the meat market, as well as dietary changes related to the climate catastrophe. Argentina’s biggest beef consumption was in 1956, when it reached 100.8 kilos per person. Oh my goodness, that’s a lot of meat!
The Argentinian flag is blue and white triband, with a yellow sunin the centre
Argentina gained independence from Spain in 1812, four years before the flag was created. Manual Belgrano, the leader of the Argentine revolution, picked the colors light blue and white for the triband.
It portrays a blue sky splitting to reveal white clouds. According to legend, this is what happened in 1810 in Argentina’s capital, Buenos Aires, during a freedom demonstration. On the 20th of June, the anniversary of Belgrano’s death, the country commemorates the history of their flag.
The golden sun in the flag’s center is known as the ‘Sun of May,’ and it depicts Inti, the Incan god of the sun. The May component of the name refers to the May Revolution of 1810, which marked the beginning of the revolt against the Spanish Empire.
Argentina’s most famous freedom fighter Che Guevara’s name was actually Ernesto Guevara
Che had been called Ernestito (meaning ‘Little Ernest’) since he was a toddler. He was given the name Che as a result of his frequent use of the expression as he grew older. In local Spanish, this Argentine injection means’mate’ or’man.’ Uruguay and parts of Brazil also utilize it.
Government officials banned parents from naming their children Messi in the football star’s hometown
It’s nearly hard to discuss Argentina without mentioning football. Argentina, after all, is a perennial World Cup contender (having won the tournament twice) and has produced some of the best footballers in the world.
Lionel Messi, the legendary footballer, has inspired millions around the world, none more so than in his hometown of Rosario, Argentina. Government officials forbade parents from naming their children after Messi after local Hctor Varela named his son after the soccer star, fearing confusion if the name became too popular in the future.
Gauchos are Argentine cowboys
Romanticized pictures of rough horsemen are likely to come to mind when you think of Argentina in the 18th and 19th centuries. These gauchos (nomadic cowboys) have become a national emblem, and tales of their exploits have long been woven into literature and mythology.
Gauchos are recognized for their bravery as well as their unique clothing, which is still worn today. The woollen poncho, which makes a terrific travel gift, is maybe the most remarkable component of this costume.
Nowadays, a gaucho is someone who lives in the country (typically on an estancia) and is familiar with traditional livestock activities. It is possible to book a tour to one of the traditional ranches outside of Buenos Aires to learn more about the lives of gauchos.
Argentina is the home of Tango
The tango, arguably one of the most well-known Latin American dances, is renowned for its passion and intensity. The dance began in the 19th century in the docklands of Argentina’s capital, Buenos Aires, and was originally performed in impoverished communities. As a result, many Porteos despised the dance, judging it to be filthy and unappealing.
However, this altered with time, and tango became a global cultural phenomenon associated with Argentina. The Argentine tango can be seen in a variety of locations across the country. Two of the most popular selections are El Beso and Piazzolla Tango. If you’d want to learn how to cut your own shapes, you can schedule a few classes!
Pato is the national sport of Argentina
When you think of sports in Argentina, you might think of soccer, but pato, the national sport of Argentina, was established in 1953.
This sport appears to be a little bourgeois at first appearance… after all, it is played on horseback! In the gaucho community, though, it has a lengthy history. It incorporates talents from both polo and basketball.
Although today’s games employ a ball, this would have initially been a live duck placed within a basket. Duck translates to pato in Spanish, which is how the game acquired its name. The game has been banned multiple times, both because of its savage nature (as you might expect, the ducks didn’t have a good time) and because many gauchos were injured or even killed while playing.
% of Argentinians have European roots
“Italians living in Paris who speak Spanish and think they’re British…” That was formerly how the Argentines were described. However, when you consider their ancestors, it makes sense.
The vast bulk of the 97 percent of Argentinians with European ancestry originate from Spaniards or Italians. Because of the Spanish colonization of Argentina and the vast immigration from Europe that began in the mid-nineteenth century, this is the case.
The name Argentina, derives from the Latin word for silver
The Latin word argentum means “silver,” and it is from this word that the country gets its name. This name is thought to have been adopted because of the history of European conquerors traveling to South America to mine the precious gold they had heard so much about. Despite the fact that other countries on the continent have more silver than Argentina, they still get their fair share!
The remains of the largest known dinosaur were discovered in Argentina
A Patagonian farm worker discovered the remains of a Patagotitan mayorum in 2008. The dinosaur, which was the largest ever discovered at the time, was believed to have lived during the late Cretaceous period.
However, since the discovery of Patagotian mayorum in 2008, further bones were discovered in 2012 in Argentina’s Neuquen Province. The remains haven’t been completely uncovered yet, according to Live Science. However, the bones discovered indicate that this is the largest dinosaur ever discovered on the planet.
This dinosaur was most likely a titanosaur, the largest of the sauropods, according to scientists. They were plant-eating dinosaurs with long necks who lived from the late Jurassic to the end of the Cretaceous periods.
Pope Francis used to work as a nightclub bouncer in Buenos Aires
Pope Francis, a Porteo born to Italian parents, was the first pope to be born in the Americas. Interest in his personal life grew after his nomination to the highest post within the Catholic Church, leading to the discovery that he had previously worked as a nightclub bouncer in his hometown of Buenos Aires.
Football legend Maradona has inspired a religion
Maradona is right up there with the Virgin Mary and the Pope when it comes to godlike personalities in Argentina. Maradona’s wild football skills generated such awe that a church and religion were named after him. He is most renowned for his ‘Hand of God’ goal against England in the 1986 World Cup.
The church, which is located in Rosario, was founded in 1998 by a small group of Maradona fans. The religion is well-thought-out, with its own set of 10 Commandments, such as “Name your first son Diego” and “Never dirty the ball.”
The Church of Maradona, although appearing to be a parody on the surface, has over 120,000 members, according to The Guardian, and fans can even be baptized there. Maradonian Church adherents have abandoned standard year notation such as BC and AD in favor of d. D. Supporters count the years since Maradona was born, hence the d. D. stands for “after Diego” (after Diego).
D10S is how the Maradonian Church refers to its hero. This is a combination of the Spanish word for God (Dios) and the number 10 on Maradona’s famous football shirt.
Argentina sent a pregnant woman to Antarctica in 1977 to try and stake claim to a part of the continent
It sounds crazy, but it’s true: in 1977, Argentinian officials dispatched Silvia Morella de Palma, a pregnant woman, to Antarctica in order to claim sovereignty of a portion of the continent.
Silvia was seven months pregnant at the time of her travel, and her son Emilio Marcos Palma was born on January 7th, 1978. He was the first human to be born in the continent of Antarctica.
Despite Argentina’s clever strategy, the rest of the world does not recognize the claimed area of ‘Argentine Antarctica.’
Argentina went through five Presidents in just ten days
Argentina went through one of its toughest periods during the 2001 economic crisis. Bank accounts had to be blocked, and the value of the Argentine peso plunged.
As a result, the Argentine people rose up in revolution. Violent protests erupted around the country, with a number of people tragically dead. The president at the time resigned in response to the disturbance.
Following President Fernando de la Rua’s departure, there was a lot of political instability, and four more presidents took over in the next ten days.
The Falklands War was never an official war
The Falklands War, a battle between Britain and Argentina over possession of the Falkland Islands, is well-known to most of us. Argentina invaded British territory on April 2, 1982, before capturing the neighboring island of South Georgia.
Despite both sides’ actions, neither country declared war, hence the battle remained a ‘undeclared war’ despite the fact that it lasted 74 days. The debate about the governance of the Falkland Islands continues, as seen by our comments section.
Previously, Britain had helped to make Argentina one of the richest countries in the world
Relations between the United Kingdom and Argentina were not always strained. Argentina’s wealth was aided by Britain in the early twentieth century. Investors and migrants developed the country’s railways, founded the first football team, and even opened the world’s first and only Harrods department store in 1912.
Argentina had a higher per capita income than Germany, France, Italy, and Spain by 1913. In fact, it was nearly as wealthy as Canada on this basis!
Argentina has had two female presidents
Surprisingly, Isabel Martnez de Pern, the first of these, was not formally elected. Following her husband Juan Domingo Pern’s death while still in office in 1974, she temporarily took the position of First Lady.
Isabel served as president for two years, but during that time the government took control of the country, placed her under house arrest, and banished her to Spain. Despite the fact that Isabel’s fate could have been different, she still holds the record for being the first woman to hold the title of “President.”
Cristina Fernndez de Kirchner is Argentina’s second female president and the first elected by the people. She was the President of Argentina from 2007 until 2015. She was previously a lawyer.
The first-ever use of fingerprinting for identification occurred in Argentina in 1892
When Argentine Francesca Rojas’ children were found stabbed to death in their house, their mother said authorities she suspected the murderer was a guy whose approaches she had previously spurned. The man in issue was apprehended and tortured repeatedly in exchange for his confession, but he maintained his innocence.
Juan Vucetich, the head of criminal identification, advocated employing a revolutionary new approach to gather additional information from the crime scene. The police returned to question Rojas after determining that a bloody fingerprint could not have belonged to the accused man and instead appeared to be from her. She quickly confessed. She had slain her children to make it easier for her lover, who despised them, to marry her.
This early application of fingerprinting sparked an era of rapid forensic discovery that continues to benefit investigators today.
Do you have any additional Argentina facts to add to our list? Let us know in the comments section or on our Facebook page!