Economic history of Argentina assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies. That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market. After the relatively stable years of 1976 to 1978, fiscal deficits started
Ethnic groups of Argentina largest Jewish urban centers in the world (see also History of the Jews in Argentina). There are 1,300,000–3,500,000 Argentines whose ancestry traces back to any of various waves of immigrants, largely of levantine cultural and linguistic heritage and/or identity. Most Levantine Argentines are from either Lebanese or Syrian background, originating mainly from what is now Lebanon and Syria. There are people from other Arabic speaking countries in lesser numbers. Most are Christians of the Eastern Orthodox and Eastern Catholic (Maronite) Churches. The first Levantines settled in Argentina in the 19th century, and most who came during this time period were