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Following a successful debt-renegotiation process in the mid-2000s, Argentina consolidated a path of growth and debt relief. The outbreak of the global financial crisis in 2007–2009 and other domestic imbalances altered the economic scenario. In this context, the authorities tried to return to global financial markets, but legal conflict with vulture funds made that option unpalatable. In 2015, the triumph of a right-wing political coalition restored the dominance of neoliberal economic policies, including the return to debt and equity markets. The subsequent cycle of indebtedness and capital flight faced by Argentina not only unleashed a major crisis but also caused the return of the International Monetary Fund, which granted the largest lending arrangement to a single country in its history. The aims of this chapter are to analyze the winding cycle of debt reduction and overindebtedness experienced by Argentina between 2001 and 2022; to examine the set of structural factors as well as the role of certain domestic and foreign actors; and to consider the long-term effects of external indebtedness and some lessons that can be drawn for other countries in the Global South.