Abstract
Argentina has more than twice the total debt of India whilst the latter has 28 times more population in roughly equivalent territories. According to Poder Ciudadano, a local NGO, in 1999 Argentine political parties spent 440 times more than those of Chile. These gross asymmetries help to show that Argentina's financial troubles must be attributed to her own political practices rather than to adverse circumstances or foreign scapegoats. By December 2001, overspending had manifestly destroyed the Argentine financial system. Across-the-board violations of property rights followed, through bank withdrawal restrictions and a debt default that was the biggest in world economic history. This paper analyses the breakdown of federal institutions, the atomisation of power and the erosion of governability that ensued as a consequence of the financial crisis. Mafia-style political practices, an endemic evil in the background of Argentine politics, jumped to the forefront as a consequence of this institutional breakdown.
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