March 1, 2004
Staking out the Casa Rosada.
Argentina has not seen a summer like this in years. It's as if all the last few years of economic crisis and political chaos were just a bad dream. Buenos Aires is sweltering in a heat wave. Fashionable new restaurants and chic boutiques are doing a roaring trade. New auto registrations doubled in January. Over in Punta del Este, the Uruguayan beach resort that caters to wealthy Argentines, hotels are packed and the casinos are making a fortune. In January alone, the town's casinos pulled in $100 million in bets.
The economy grew 8.4% last year and should rise another 5%-
Argentina is booming again after years of decline. But it needs to attract foreign investment to keep the economy growing. And that will require a deal with bondholders and the International Monetary Fund.