Argentina’s systemic financial crisis had impact not only on the Argentina’s 35 million citizens, but also on the economic policies and political relations within Latin America and USA. This paper concerns the Argentina’s systemic financial crisis, that depressed country in years 2001 and 2002. This paper will try to explain how a prospering economy is able to shift dramatically from growth to sharp decrease in its economic activity. There are lots of different factors that generated Argentina’s systemic financial crisis. The aim of this text is to illustrate main causers of this crisis, which caused serious problems in the economic system of Argentina, and describe events and the state of Argentina’s economy, that had predated this crisis and so became the most important triggers of this crisis.