Argentina sold $2.75 billion of the debt… but the issue was nearly four times oversubscribed.

How could investors place so much faith in a country that spent most of its post-independence history defaulting on its debts. Plagued by a series of populist governments since the mid-20th century, Argentina defaulted twice in the last twenty years, and eight times since its independence in 1816.

And guess what… It's crisis time in Argentina. Again.

Since the beginning of 2018, the Argentine economy has been in a tailspin, with inflation running at a whopping 30%. Interest rates in the country are currently 60% (the government is hoping high interest rates will tame inflation and stabilize the Argentine peso).

But despite these efforts, the peso has fallen by 50% versus the US dollar and the euro this year.

And the International Monetary Fund (IMF) recently upped its rescue loan to Argentina to  $57 billion – the biggest rescue package the organization has ever provided.

So, one year into owning Argentina's 100 year bonds, investors are already questioning the country's solvency.

If you ask me, anyone buying that debt deserves whatever punishment they get. You can basically set a clock to Argentina's defaults.

But crisis brings opportunity, and Argentina is no exception.

If you hold dollars or euros, Argentina is on sale today. And you can have a fantastic lifestyle there for very little money.

This most romanticized South American country comes at about half the price when compared to its neighbors, Uruguay and Chile. And today, it is even cheaper than much-less-developed Paraguay.

To get the real feel on the ground I sent one of my analysts on a trip across Argentina.