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At the close of 2000, observers of global markets were asking, will Argentina be the next in a series of ''dominoes'' - countries that suffer collapsing currencies and rapid flight of capital? Such countries, when they ''crash'', cause global chain reactions that hurt and bring about the collapse of other countries. A long series of such ''dominoes'' have fallen since the first one that occurred in Mexico, December 1994. This case documents the collapse of Argentina - the latest, but certainly not the last, in a string of countries whose economies implode. A supplement ''Argentina - The Next Domino? Update May 2002'' (202-024-4) is available to accompany the case.