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Going cheap

While porteños fret about rising inflation and falling purchasing power, Buenos Aires remains one of the cheapest cities in the world for foreigners, according to a study by Mercer Human Resource Consulting. In a survey of living costs in 144 cities worldwide, only Asunción in Paraguay and Manila in the Philippines ranked lower, in dollar terms.

Devaluation of the Argentine peso in 2002 dropped Buenos Aires from near the top of the rankings almost to the bottom, sending tourism and exports soaring. Despite the peso's rebound, it has been kept low in recent months mainly by the Central Bank's hefty dollar purchases. Many economists doubt this policy is sustainable. Argentina is also under pressure from the International Monetary Fund to let the peso rise, in order to dampen inflation and enable larger payments on its debt.