The father of five, Delgado remembers the roaring 1990s fondly. He and his family could afford to feast regularly on the tenderest cuts of steak. He bought a 1992 Peugeot and a 1995, two-door Fiat, and the family flew on vacations to places like Central America. Now meat in the family diet tends to be restricted to stews, the Peugeot is rented to a neighbor for use as a taxi, and for vacations the family bundles into the little Fiat for drives to places in the north and west of Argentina. "I really felt the shock of 2001," Delgado said ruefully.
Generation Disillusioned
The trauma is psychological as well, particularly for Argentines who were entering adulthood when the economy collapsed and have become profoundly unsettled about their futures. Dario Jinchuk, a government scientist, cited the example of his son, who stopped pursuing a degree in electrical engineering to study for a job as a chef because he couldn't see any engineering prospects. "A whole generation has become that way -- frustrated," said Jinchuk, who himself is seeking work abroad.
A boy plays soccer at a Buenos Aires shantytown. The population of slums just a few blocks beyond fashionable waterfront steakhouses and hotels mushroomed after Argentina's economy collapsed four years ago.
(Marcos Brindicci -- Reuters)
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_____Special Report: Argentina_____
_____Photo Gallery_____
 • A Road to Ruin: The economic crisis in what was once Latin America's richest nation ravaged Argentina's middle class, forcing millions into poverty. (Flash required)
_____Story Archive_____
• IMF Says Its Policies Crippled Argentina (July 30, 2004)
• Argentina Didn't Fall on Its Own (August 3, 2003)
• Scrap by Scrap, Argentines Scratch Out a Meager Living (June 7, 2003)
• Gulf Between the Rich and the Poor Grows in Argentina (May 16, 2003)
• As Crime Soars, Argentines Alter Outgoing Ways (January 27, 2003)
• Despair in Once-Proud Argentina (August 6, 2002)
_____Timeline_____
• Argentina's Economic Collapse
_____Graphics_____
• Biggest Underwriters of Argentine Government Bonds; The More Argentina Borrowed, The More Investors Bought
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In view of such evidence, many economists scoff at claims that Argentina's default sets a worrisome precedent.
The country suffered "massive social and economic pain with poverty and unemployment rates through the roof," said Nouriel Roubini, a professor at New York University. "And all this would mean that default is costless and that other countries will rush to default like Argentina did? Utter nonsense."
To generate the growth required to reduce poverty significantly, Argentina needs a lot of investment. For that reason, some of the most militant bondholders maintain that the government must eventually offer them a better deal to clear up the uncertainty that lawsuits inevitably create.
But in a move aimed at dashing such hopes, the Argentine Congress enacted a law last month prohibiting the government from paying a penny more. "We were very happy for this law to be passed," said Roberto Lavagna, the economy minister, who clearly sees little downside to such pugnacity.
"When I hear people say, 'Argentina will be isolated,' " Lavagna said, "I have to say the evidence is different."
Special correspondents Brian Byrnes and Mariano Melamed contributed to this report.
