Two and a half years after its spectacular crash, Argentina seems to be entering a new political and economic phase. President Néstor Kirchner, elected in May 2003, has claimed that the period of neoliberalism is over and economic activity has recovered faster than generally anticipated. Payments are being made on a part of the debt held by favored creditors (above all the IMF), and international pressure to refinance and make payments on the defaulted debt has increased. Neoliberal economists remain totally discredited, but the Kirchner regime’s policy of partial payments on the debt, financed by revenues generated by severe restrictions on public spending, is applauded by a coterie of supposed Keynesian and national economists.… Questions remain: What happened to the external debt disaster? Is the enormous social crisis, for a moment extensively covered by the press and media, over? And even: Is Argentina, a neoliberal model in the 1990s of an open, deregulated and privatized economy now inaugurating a reverse miracle of a new type (perhaps to be termed Keynesian), a national capitalism with a human face?