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
Foreign relations of Argentina Foreign relations of Argentina This article deals with the diplomatic affairs, foreign policy and international relations of Argentina. At the political level, these matters are officially handled by the Ministry of Foreign Relations, also known as the "Cancillería", which answers to the President. The Minister of Foreign Relations, since June 2017, is Chancellor (es: "Canciller") Jorge Faurie. Owing to its geographical remoteness, local authorities in what is today Argentina developed an early sense of autonomy. Based largely on economic needs, during colonial times their pragmatism led to a flourishing unofficial market in smuggled goods, out of the then-small port of