▁measures ▁en act ed ▁during ▁the ▁last ▁dict ator ship ▁also ▁contributed ▁to ▁the ▁huge ▁foreign ▁deb t ▁by ▁the ▁late ▁ 1 9 8 0 s , ▁which ▁became ▁equivalent ▁to ▁three - four th s ▁of ▁the ▁G NP . ▁ ▁In ▁the ▁early ▁ 1 9 9 0 s ▁the ▁government ▁re ined ▁in ▁infl ation ▁by ▁making ▁the ▁pes o ▁equal ▁in ▁value ▁to ▁the ▁U . S . ▁doll ar , ▁and ▁priv at ised ▁numerous ▁state - run ▁companies , ▁using ▁part ▁of ▁the ▁proceed s ▁to ▁reduce ▁the ▁national ▁deb t . ▁However , ▁a ▁sust ained ▁re cess ion ▁at ▁the ▁turn ▁of ▁the ▁ 2 1 st ▁century ▁cul min ated ▁in ▁a ▁default , ▁and ▁the ▁government ▁again ▁de valu ed ▁the ▁pes o . ▁By ▁ 2 0 0 5 ▁the ▁economy ▁had ▁recovered , ▁but ▁a ▁jud icial ▁r uling ▁origin ating ▁from ▁the ▁previous ▁crisis ▁led ▁to ▁a ▁new ▁default ▁in ▁ 2 0 1 4 . ▁ ▁Col onial ▁economy ▁ ▁During ▁the ▁colonial ▁period , ▁present - day ▁Argentina ▁offered ▁fewer ▁economic ▁advantages ▁compared ▁to ▁other ▁parts ▁of ▁the ▁Spanish ▁Empire ▁such ▁as ▁Mexico ▁or ▁Peru , ▁which ▁caused ▁it ▁to ▁assume ▁a ▁peri pher al ▁position ▁within ▁the ▁Spanish ▁colonial ▁economy . ▁It ▁lack ed ▁depos its ▁of ▁gold ▁or ▁other ▁pre cious ▁met als , ▁nor ▁did ▁it ▁have ▁established ▁native ▁civil izations ▁to ▁subject ▁to ▁the ▁en com i enda . ▁ ▁The ▁sparse ▁population