Argentina is a third world country with first world taste. It is the land of Malbec, Borges and polo, but decades of economic mismanagement has crippled the country’s economy. Inflation is spiralling out of control: the annual rate hit 138 per cent last month, trailing only Venezuela and Zimbabwe.

It didn’t have to be like this: a century ago, Argentina’s economy surpassed France and Germany, boasting a GDP per capita twice that of Spain.