South American economic crisis of 2002

The South American economic crisis is the economic disturbances which have developed in 2002 in the South American countries of Argentina, Brazil and Uruguay. The Argentinian economy was suffering from sustained deficit spending and an extremely high debt overhang, and one of its attempted reforms included fixing its exchange rates to the US dollar.

Source: Wikipedia — South American economic crisis of 2002 (CC BY-SA 4.0)