0 % ▁per ▁year ▁from ▁ 1 9 7 5 ▁to ▁ 1 9 9 1 , ▁increasing ▁prices ▁ 2 0 ▁billion ▁times . ▁ ▁When ▁the ▁military ▁dict ator ship ▁fin ance ▁minister ▁Mart ine z ▁de ▁H oz ▁assumed ▁power , ▁infl ation ▁was ▁equivalent ▁to ▁an ▁annual ▁rate ▁of ▁ 5 0 0 0 %, ▁and ▁output ▁had ▁decl ined ▁sharp ly . ▁In ▁ 1 9 7 6 , ▁the ▁era ▁of ▁import ▁substitution ▁was ▁ended , ▁and ▁the ▁government ▁lower ed ▁import ▁bar riers , ▁liberal ized ▁restrictions ▁on ▁foreign ▁borrow ing , ▁and ▁supported ▁the ▁pes o ▁against ▁foreign ▁curr encies . ▁ ▁That ▁exposed ▁the ▁fact ▁that ▁domestic ▁fir ms ▁could ▁not ▁comp ete ▁with ▁foreign ▁imports ▁because ▁of ▁the ▁over valu ed ▁currency ▁and ▁long - term ▁struct ural ▁problems . ▁A ▁financial ▁reform ▁was ▁implemented ▁that ▁aim ed ▁both ▁to ▁liberal ize ▁capital ▁mark ets ▁and ▁to ▁link ▁Argentina ▁more ▁effectively ▁with ▁the ▁world ▁capital ▁market . ▁ ▁After ▁the ▁relatively ▁stable ▁years ▁of ▁ 1 9 7 6 ▁to ▁ 1 9 7 8 , ▁fis cal ▁def ic its ▁started ▁to ▁clim b ▁again , ▁and ▁the ▁external ▁deb t ▁triple d ▁in ▁three ▁years . ▁The ▁increased ▁deb t ▁bur den ▁interrupted ▁industrial ▁development ▁and ▁up ward ▁social ▁mob ility . ▁From ▁ 1 9 7 8 , ▁the ▁rate ▁of ▁exchange ▁dep reci ation ▁was ▁fixed ▁with ▁a ▁tab l ita , ▁an ▁active ▁craw ling ▁p eg ▁that