(I) In 2001 Argentina's debt became so big that the country actually went bankrupt. (II) Even though the crisis was not fully over, the Argentinean economy was much calmer. (III) To fight the problem of inflation, it tied its currency, the peso, to the US dollar, but soon Argentina began to import more than it exported. (IV) To cover the difference, the government borrowed more and more from foreign banks and institutions. (V) In the end, despite being a relatively rich country, Argentina could not pay her debts.