During his days on Saturday Night Live in the 1980s, Billy Crystal often portrayed an Argentine lothario named Fernando, who lived his life by one simple credo: "It is better to look good than to feel good, darling...and you look mahvelous!"

While Argentina's recent economic hardships may not have left its citizens feeling good, they have always taken pains to look good, especially those in the cosmopolitan capital of Buenos Aires, where signs of the country's rapid ascent from an economic abyss are everywhere.

Buenos Aires is literally buzzing these days. Foreign investment is on the rebound. Political order has been (mostly) restored. A favorable exchange rate has boosted exports and brought in record numbers of tourists. The city's famed around-the-clock nightlife is back in full swing. The economy is expected to grow around 5 percent this year. Indeed, for Buenos Aires, 2005 is looking, well...mahvelous!

Boom to bust
During the 1990s, Argentina experienced unprecedented prosperity. Former President Carlos Menem privatized much of the country's infrastructure, equipping Argentina with modern technology for the first time. The peso was pegged one-to-one with the dollar, allowing scores of Argentines to leave the country and visit places like Disney World and the Caribbean, returning with suitcases stuffed with laptop computers, camcorders and Gap sweatshirts.

But a decade's worth of financial and political mismanagement eventually caught up with Argentina. In December 2001, a mandatory freeze was placed on bank accounts to slow capital flight. The government decision infuriated the middle class, who joined the swelling ranks of the unemployed in the streets for noisy protests. Deadly riots and political chaos soon followed. Argentina had five different presidents in two weeks. By the time interim President Eduardo Duhalde had settled into the job in early 2002, the peso had lost more than two-thirds of its value, and crime, poverty and unemployment rates had skyrocketed. Since taking office in May 2003, President Nestor Kirchner has maintained high popularity at home. Argentina is currently engaged in acrimonious negotiations with bondholders and businesses around the globe in an attempt to restructure its more than $100 billion dollars in foreign debt, a sticking point that some analysts fear could curtail the economic comeback Argentina has experienced in the last 18 months.

However, if you're strolling the streets of Buenos Aires these days, it's obvious that the Porteños—as the locals are known—are feeling good and looking good once again. The chic cafés that line the European-inspired boulevards bustle with businessmen downing shots of espresso, while surgically enhanced socialites linger over their afternoon tea. Restaurants, bars and nightclubs are packed to the gills every night of the week, and construction is underway all over town. If you're coming to Buenos Aires to do business, once you close the deal during the day, you're sure to have a good time at night. What's more, the three-to-one exchange rate with the dollar now makes Buenos Aires one of the cheapest cities on the globe!

Getting around
Buenos Aires is a great walking city, and there are tons of taxis and ample public transportation (subways, buses, trains), so there is no need to rent a car. If you do take a taxi, make sure it is a "Radio Taxi," which is affiliated with a licensed company and offers more security. Your hotel can also arrange for a remise, a hired car, and you can negotiate a fixed rate with the driver. A taxi from a downtown hotel to any of the surrounding neighborhoods shouldn't cost more than 12 pesos. The economic crisis has caused a surge in crime, but even so, this sprawling metropolis of 12 million is still one of the safest cities in the world. You might witness some sporadic street protests, and you are likely to be approached by people begging for spare change, but there is no need to feel threatened here. At night, though, it is wise not to wander the streets by yourself; travel in groups or just take a taxi.

Hotels
There are many business-friendly hotels in or near the downtown area, known as el centro. Some of the best include The Hilton, The Sheraton, The Four Seasons and the fashionable Faena Hotel and Universe.

The Hilton (Macacha Guemes 351, tel. 4891-0000, rooms from $175, plus 21 percent tax) is a sleek glass-and-steel structure located in Puerto Madero, Buenos Aires' equivalent of Baltimore's HarborPlace, and a short walk from el centro. The Hilton has enormous rooms with modern decor,

The Sheraton (San Martin 1225, tel. 4318-9000, rooms from $185, plus 21 percent tax) is favored by American travelers for its proximity to business and shopping centers and large convention halls. The Park Tower Hotel, directly next door, is a more luxurious and expensive option. The Four Seasons (Posadas 1086, tel. 4321-1200, rooms from $300, plus 21 percent tax) is an elegantly decorated, upscale hotel that houses an impressive art collection and is located on the edge of Recoleta, the city's toniest neighborhood. The neighboring 19th-century mansion is where Madonna stayed during the filming of Evita. The Rolling Stones, Jennifer Lopez and Robbie Williams have also slept there. The newest, brashest hotel in the city is the Faena Hotel and Universe (Martha Salotti 445, tel. 4010-9000, rooms from $300, plus 21 percent tax) designed by French architect Philippe Starck and built in a 100-year-old former grain warehouse in Puerto Madero. The Faena provides guests with a personal assistant (or "experience manager") and offers cooking classes, a farmers market and a red-velvet-lined cabaret hall. The actor Owen Wilson recently stayed at the Faena and called it "one of the coolest hotels I've ever been to in my life."

Dining
Eating is a way of life for Argentines. Dinner is the main meal of the day and isn't usually served until 9 p.m., although most restaurants open around 8 p.m. While Buenos Aires offers culinary delights from all over the globe, traditional Argentine cuisine consists of one thing, and one thing only: beef. The cattle that graze in the southern Pampas are strictly grass-fed, producing some of the tastiest meat in the entire world. For a thick and juicy filet mignon, order the bife de lomo. For a bigger version of a New York strip, try the bife de chorizo. Argentines leave nothing to waste, and nearly every part of the cow's anatomy is served, from the kidneys (rinones) to the glands (mollejas). Sometimes it's better not to ask. Of course, an Argentine meal wouldn't be complete without a glass of delicious wine from the Mendoza region in the Andes Mountains. The local specialty is the Malbec Red, which will be on the menu in any restaurant in town. Argentina is quickly catching up with neighboring Chile in its effort to market its fine wines overseas; many mouthwatering Malbecs are now available in the U.S. and Europe.

One of the city's top destinations for beef is Cabana las Lilas (Av. Alicia Moreau de Justo 516, tel. 4313-1336) in Puerto Madero. The restaurant is a favorite amongst the corporate crowd for its impeccable service and tender steaks, which come from cows raised on its own estancia in the Pampas.

Many of the city's newest and most progressive restaurants are located in the neighborhoods of Palermo and Las Canitas, both of which are a 10-minute and 10-peso taxi ride from downtown. Palermo is currently undergoing a renaissance, and scores of formerly run-down houses have been transformed into cool restaurants, clubs and boutiques that cater to the young, bohemian crowd. The epicenter of the barrio is Plaza Cortazar, on the corner of Jorge Luis Borges and Horduras streets. From here, you can wander for blocks in any direction and find a smorgasbord of different culinary options such as vegetarian, Arabian, Nordic, Moroccan, Vietnamese, Mexican and more. Dominga (Honduras 5618, tel. 4771-4443) serves great pork, pasta and sushi in a vibrant setting in an enclave of Palermo known as Palermo Hollywood, where many local television and production studios are located. Nearby in Las Canitas, your best bet is Novecento (Baez 199, tel. 4778-1900), styled after a New York chophouse (there are also locations in Manhattan, Miami, and Punta del Este, Uruguay), which serves fantastic fusion dishes and has an extensive wine list. A tip of 10 to 15 percent is the norm at most restaurants.

Leisure
This is a city that truly never sleeps. If you want to see a tango show, visit the neighborhood of San Telmo, where tango halls are filled with locals and tourists every night of the week. If you want to hang with the hip Porteños, head to the Costanera Norte, where the hottest nightclubs, like Pacha, Mint and Jet, sit nestled on the Rio de la Plata. There is a variety of Irish pubs and sports bars located in el centro and Recoleta, which is also home to the city's red-light district.

International music acts have finally started to return to Buenos Aires following the economic collapse. Norah Jones, David Byrne and PJ Harvey have all played in town recently. There is also world-class opera, jazz, theater and museums in the city. Check the English-language Buenos Aires Herald or the other local papers, like La Nacíon and Clarin, for daily entertainment listings.

Your best bets for shopping are the pedestrian-only Calle Florida, located in the heart of downtown, and the elegant Avenida Alvear in Recoleta, where some of the world's best-known designers, like Louis Vuitton, Ralph Lauren and Giorgio Armani, have shops. Argentina is known for its high-quality leather goods, which can be found throughout the city, especially on Murillo Street in the neighborhood of Villa Crespo.

Soccer is the country's most popular sport, of course, and matches are played throughout the week. Contact the English-speaking staff at Go Football (www.gofootball.com.ar), who specialize in bringing foreigners to matches. The national polo fields and the Hipodromo Argentino are located side by side in Palermo, where you can watch some of the world's finest horses grunt it out on the field and in the dirt.

Getting there
Argentina's main international airport is Buenos Aires' Aeropuerto Internacional Ministro Pistarini de Ezeiza, known simply as Ezeiza (EZE). Direct flights leave from New York, Washington, Chicago, Miami, Atlanta and Dallas on several major airlines. All the flights leave the U.S. in the evening and arrive in the morning, nine to 11 hours later, so try to get some sleep during the overnight flight. Because Argentina is only one or two hours ahead of EST (depending on the season), you won't have to worry about jet lag.

Ezeiza Airport is about 20 miles from downtown, a 45-minute car ride. Once you clear immigration and customs, you'll be greeted by a throng of older gentlemen offering you rides into the city. While most of these drivers are undoubtedly honest and forthcoming, it is best to visit one of the sanctioned stands inside the airport to hire a licensed car, which will cost you around 50 pesos one way. On your way out of the country, there is an $18 exit fee for all passengers leaving Ezeiza Airport. See www.aa2000.com.ar for more information.

Helpful Web sites
www.bsas.gov.ar
www.turismo.gov.ar

Brian Byrnes is a freelance journalist who has lived in Buenos Aires since 2001.