Argentina ~ Europe at a third of the price ~ whether you are thinking about relocating or just investing, now is the time to act ~ By Kathleen Peddicord

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Overlooked by more sheep than people; and the great Pampas, the most fertile land on earth, where the topsoil is a yard deep. It is a country self-sufficient in most foodstuffs, so much so that, for centuries, the country has essentially tested the Atkins Diet using almost its entire population. People gorge on quantities of meat few foreigners can even imagine but they do not suffer particularly high rates of obesity or arteriosclerosis.

Everywhere you go, you will see families, businessmen and women, couples and singles populating local parrillas (Argentine grills). Think of a medieval feast with slabs of beef and racks of lamb, and you will get the idea. (And do not forget the wine.) And now in Argentina, you do not need to be King Arthur to afford one of these spreads. With the Argentine peso in a big slump, you will pay very little for one of these delicious feasts.

Economic instability - What happened in Argentina? The period of over-valuation in the 1980s and 1990s devastated the country, and discouraged industry and tourism because other countries nearby could price Argentina out of the market. The people of Argentina watched in disgust as unemployment soared, inflation jumped, industries were decimated, and pensions were taken away. In late December 2001, after days of deadly street riots and political unrest, Argentina halted payment on its public debt.

The economy went into a tailspin. In a salvation effort, the government devalued the currency. From a peso valued at a dollar, Argentina went to one worth 19 cents in January 2002. Since then, it has been gradually creeping up. The entire banking system was effectively bankrupted by the government decree that loans could be paid back at a more generous exchange rate than deposits. Deposits even those nominally in U.S. dollars with banks in Argentina were effectively frozen for months, so the entire economy was running on barter and funny money printed by the states. To keep the peace, the unemployed poor were given a meager 150 pesos per family per month (under $50 then, a derisory amount on which to feed a family), but even that program was subject to kickbacks and favoritism.

Debt restructuring - On Feb. 25, 2005, Argentina completed the biggest debt restructuring in world history, as investors holding $103 billion in defaulted Argentine debt were asked to accept a government offer to pay back about a third of their original investment. After the deadline past, Argentine stocks immediately soared to a new all-time high in peso terms. But Argentina economic instability is far from over. The economy expanded by 8.8% in 2004 for a second straight year of growth, but now the government needs to repair its burned bridges with creditors to have any hope of maintaining the recovery.

Buenos Aires First World amenities, Old World charm

Buenos Aires is one of the most exciting cities in the world, with both a Latin flair and a sophisticated, genteel, cosmopolitan, New York/Paris feel. Large boulevards, beautiful parks, and plazas, modern highrises in some areas and, elsewhere, narrow city streets lined with colonial-style buildings with walk-up apartments whose French doors open onto plant-filled, wrought-iron balconies. Stepping off the plane, you will be immediately impressed by the modern international airport and its helpful employees.

The ride into the city may leave you gaping open-mouthed at the smooth, multi-lane autopista and the highrise apartment buildings that line the route. This is a world-class city, after all. At any time of day, but especially at 3 a.m., downtown Buenos Aires holds pleasant surprises. Sidewalk cafés are open into the wee hours and people stroll the sidewalks hand-in-hand...with their children in tow.

Take a city tour and you will likely start with a drive down the famous 9th of July Avenue, named for the date in 1816 when Argentina declared its independence from Spain. This wide, tree-lined boulevard (the world widest street, in fact, at 450 feet across) is reminiscent of the Champs Elysée in Paris. Instead of the Arc de Triomphe, its centerpiece is the towering Obelisco (obelisk) at the Plaza de le Républic, commemorating the country´s 400th anniversary.

Architecture, Buenos Aires-style - The architecture of Buenos Aires is eclectic. Older buildings that would be well at home in any European city sit alongside unappealing highrises built in the 60s, 70s, and 80s...and, here and there, newer and less offensive modern structures share the landscape. The older apartments in this city are much bigger than their European counterparts, making them much more comfortable than, say, the typical Paris flat. For instance, the typical apartment in Buenos Aires is approximately 3,000 square feet, with three bedrooms, two bathrooms, a large kitchen, sitting room, dining room, and maid quarters.

The neighborhoods of Buenos Aires

Plaza de Mayo:
Turn onto the Avenida de Mayo and head toward the Rio de la Plata and you will come to the Plaza de Mayo (May Square), the city is oldest square. This place drips with Argentine history...both good and bad. The plaza has served as a marketplace and hangman gallows and has been the site of nearly all the important political and social events in the country history.

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