Remember back in May when Paul Krugman described Argentina’s economic model in the last decade as a “remarkable success story”?

Today La Nación of Buenos Aires reports [in Spanish] that Argentina will have the worst record in terms of inflation and growth in South America in 2012. The Argentine economy will barely grow 1% this year and inflation will be above 20%, while the rest of the region enjoys healthy growth and low inflation rates.

Argentina is indeed a remarkable story. But not necessarily a successful one as Krugman pointed out.