▁while ▁oppos ing ▁the ▁" mon opol y " ▁of ▁private ▁British ▁companies ▁on ▁national ist ▁grounds . ▁O thers ▁have ▁since ▁argued ▁that ▁the ▁initial ▁layout ▁of ▁the ▁system ▁was ▁mostly ▁sh aped ▁by ▁domestic ▁interests , ▁and ▁that ▁it ▁was ▁not , ▁in ▁fact , ▁strictly ▁focused ▁on ▁the ▁port ▁of ▁Buenos ▁Aires . ▁ ▁The ▁scarc ity ▁of ▁labour ▁and ▁abund ance ▁of ▁land ▁induced ▁a ▁high ▁marg inal ▁product ▁of ▁labour . ▁European ▁imm igr ants ▁( ch ief ly ▁It ali ans , ▁Sp ani ards , ▁French ▁and ▁Germ ans ), ▁tempt ed ▁by ▁the ▁high ▁w ages , ▁arrived ▁in ▁dro ves . ▁The ▁government ▁subs id ized ▁European ▁imm igration ▁for ▁a ▁short ▁time ▁in ▁the ▁late ▁ 1 8 8 0 s , ▁but ▁imm igr ants ▁arrived ▁in ▁massive ▁numbers ▁even ▁with ▁no ▁subs id y . ▁ ▁Bar ing ▁crisis ▁to ▁World ▁War ▁I ▁ ▁Ju á rez ▁Cel man ' s ▁administration ▁saw ▁a ▁substantial ▁increase ▁in ▁the ▁ratio ▁of ▁deb t ▁to ▁G DP ▁toward ▁the ▁end ▁of ▁his ▁ten ure ▁and ▁an ▁increasing ▁weak ness ▁in ▁the ▁fis cal ▁situation . ▁The ▁Bar ing ▁Brothers ▁merchant ▁bank ▁had ▁developed ▁a ▁close ▁and ▁prof itable ▁association ▁with ▁Argentina , ▁and ▁when ▁Cel man ' s ▁government ▁was ▁unable ▁to ▁meet ▁its ▁pay ments ▁to ▁the ▁House ▁of ▁Bar ing , ▁a ▁financial ▁crisis ▁en su ed . ▁Argentina ▁default ed ▁and ▁suffered ▁bank ▁runs ▁as ▁the ▁Bar ing ▁Brothers ▁faced