Introduction International debt management is a political issue. Argentina’s economic history includes both highs and lows. In 2001, Argentina suffered from one of the world’s economic debacles. The people were forced into unavoidable abject poverty. The government was forced to renege on its debt obligations. Argentina must pay its maturing international obligations. Causes of Argentina’s 2001 Economic Crisis There were several causes of the 2001 economic crisis. First, President Carlos Menem pegged the Argentina currency on the United States currency. The pegging occurred from 1991 to 2002. One Argentina peso currency had the same currency value as one U.S. dollar. The currency exchange rate was not beneficial to Argentina’s economy. The exchange rate allowed the liberalization of Argentina’s capital scene. The International Monetary Fund promoted and supported this policy. By lowering the Argentina peso’s exchange rate to the U.S. dollar, the government could balance its payment priorities. With a lower exchange rate, the Argentina export earners sell more products (Buckley 77). Vividly, there are several causes of the 2001 Argentina economic crisis. Second, Argentina’s President Menem had excessively borrowed from international creditors. The unnecessary borrowings paid for avoidable government excesses (Aliber 99). The spendthrift president did not implement the economically sound austerity measures. Economic theory dictates that the individual or group, including Argentina, must spend within its means. Borrowing money entails paying loan interests. Surely, President Menem contributed to the 2001 economic crisis. Third, the Argentina government had declining tax collections. With many businesses closing down, the government tax collections had unfavorably declined. Tax evaders did not report the right tax amounts. With lower tax collections, the government could not find enough funds to pay its ballooning international and local debts. The tax collections were lower than the government expenses. Consequently, the government did not have the necessary funds to maintain a robust economy. The health services as well as the construction of public roads and bridges were unfavorably reduced (Aliber 99). Undoubtedly, declining tax collections triggered the 2001 economic crisis. Fourth, the people withdrew their pesos from the Argentina banks and deposited them as U.S. dollars in other countries. Seeing the Argentina economy was crumbling, many local residents decided to transfer their funds to banks located in other countries. The withdrawals triggered a bank run. Consequently, the Argentina government ordered a freeze of all bank accounts. Definitely, the bank withdrawals caused the 2001 economic crisis. Fifth, graft and corruption played a vital role in Argentina’s economic downfall. Corruption occurred in many Argentina hotspots. The customs entry point was a prime corruption venue. In 2001, the local Argentina representative of BJ Services bribed Argentina’s customs officers. The company was convicted. In the same year, Argentina’s IBM branch was convicted of corrupting Argentina’s government officers. The branch paid the US$ 300,000 civil fine (Loughman 281). Undoubtedly, graft