The New Year has been anything but festive in Argentina. Thousands of Argentines have taken to the streets, banging pots and pans, but they are venting frustrations, not celebrating. Their target is the country's political class, which has dithered and postured as Argentina has slid into an economic crisis. Four presidents have come and gone in the last two weeks. Bloody riots that claimed more than two dozen lives marred Christmas festivities. More unrest is inevitable as the country attempts to tackle its economic problems.

Argentina has been racked by three simultaneous crises. The first is a spiraling national debt that has reached $132 billion. Although the country's economy posted impressive gains for much of the 1990s, the government continued to borrow money -- usually from overseas -- to pay for some of the more painful privatization measures that it adopted.

Argentina was considered a good credit risk because its currency was pegged to the dollar. That security became a source of weakness when Brazil devalued its currency, the real, in 1999, triggering the second crisis. Suddenly, Argentina was no longer as attractive for investors, and its goods were not as competitive in international markets. Demand for exports dropped as deflation hit the local market. As a result, the economy entered into recession nearly four years ago.