1996: Aguas Argentinas Fails to Expand Water and Sewer Services to Poor Neighborhoods in Buenos Aires

By this date, Aguas Argentinas, the company hired in 1993 to provide water and sewer service to the residents of Buenos Aires (see April 28, 1993), has invested roughly 45 percent less ($300 million) on expanding services than required by its contract. The company blames the failure on bad debt, late payments, and a downturn in the Argentine economy. During this period, the company has been able to maintain a comfortable 20 percent profit margin. [CBC News, 3/31/2004]