Its moniker “the Paris of South America” only begins to convey the cosmopolitan atmosphere of Buenos Aires. Add to its Beaux-Arts boulevards the monumentality of Rome, the street-music energy of Memphis, the trendy designs of New York’s Tribeca and the flea markets of London’s Portobello Road, and you begin to approach the international potpourri that is Argentina’s capital.

Always a leader in trade due to its location on the broad Rio de la Plata River, after the overthrow of Spanish rule in 1816, the “City of Good Air” flourished as the main distribution point for the new country that became the world’s fifth largest exporter of agricultural goods, dairy, grain, tobacco, hides and wool. Still one of the busiest ports on the globe Buenos Aires remains the main distribution hub for the vast southeastern region of South America. Auto manufacturing, oil refining, metal- working, machine building, cinema and the production of textiles, chemicals, clothing and beverages are leading industries.

The late 19th century economic imbalance between a few rich landowners and the mass of a largely immigrant population led to a 20th century history of political and social upheavals. The fascist-tinged regime of Juan and Eva Peron was supplanted by the 1976 military coup that resulted in the Dirty War of 1976 to 1983 during which hundreds of government critics “disappeared.”

The presidency of Carlos Menem, from 1989 to 1999, saw the peso pegged to the dollar and a time of brief prosperity, but an economic collapse in December 2001 led to Argentina’s default on a $140-billion debt and devaluation of the Argentinean peso. Yet, instead of collapsing, the Argentinean government stimulated internal consumption and the economy underwent a recovery.

By 2004 exports zoomed, unemployment eased, investors returned and the economy was growing at an annual rate of 8 percent. (The International Monetary Fund expects it will slow to 6 percent in 2007.) While the peso devaluation has been a hardship, Buenos Aires has been undergoing extensive renewal.

Proof of that revitalization is the reclaimed wharf area of Puerto Madero. Although the center of shipping has relocated to the southern outskirts of the city, the nearly three million residents of Buenos Aires still call themselves “portenos” — people of the port — and the historic brick warehouses of the original port have been converted into a prosperous district of apartments, boutiques and upscale restaurants. This newest of the city’s 38 colorful neighborhoods, or barrios, is directly across from the ancient heart of the city. It is linked by Santiago Calatrava’s futuristic footbridge to San Telmo, near the spot where Pedro de Mendoza is said to have planted the Spanish flag in 1536, now an area of antique shops and a famous Sunday open-air flea market.

In the symbolic heart of the city, the Plaza de Mayo’s centerpiece is Casa Rosada, the infamous presidential palace that was the setting of Eva Peron’s dramatic balcony scene; and straight down the city’s main parade route, the Avenida de Mayo, stands Argentina’s domed capitol building, modeled on the one in Washington, D.C.

Just to the north, El Microcentral encompasses pedestrian malls and the Corrientes theater district, and it leads to the fashionable Recoleta barrio. Sprawling in the northwest is Palermo, which includes the trendy Palermo Viejo enclave and Palermo Hollywood where old warehouses are now television and movie studios.

LODGING

ALVEAR PALACE HOTEL

For three-quarters of a century, this throwback to the area of Belle Epoque “grand” hotels has anchored the refined Recoleta district and symbolized porteno elegance and luxury. Still listed consistently among Latin America’s leading hotels, and favored by the likes of Francis Ford Coppola, the Alvear Palace was recently remodeled to refresh its ancien régime décor. Afternoon tea is served in the lobby, and the rooms are outfitted with Egyptian cotton s heets and Hermes toiletries. Avenida Alvear 1891, tel 54 11 4805 2100, http://www.alvearpalace.com $$$

FAENA HOTEL & UNIVERSE

Situated in a converted grain warehouse in the heart of the reclaimed Puerto Madero port district, this Philippe Starck hotel/apartment complex, decorated in black marble, red velvet and glass, is the pinnacle for the trendy set. Instead of a conventional reception desk, “experience managers” seated in a curtained area off the long, dimly lit main corridor greet and register guests. Facing each other on either side of that central corridor, a bar, restaurant and outdoor pool are popular hangouts. Marta Salotti 445, tel 54 11 4010 9000, http://www.faenahotelanduni verse.com $$$

PALACIO

DUHAU-PARK HYATT BUENOS AIRES Guests live like grandees in this handsomely restored palace, which spans a full city block in Recoleta. Built in 1934 for a wealthy family, the original Palacio with its 23 guestrooms connects through an underground walkway to a new building housing 142 guestrooms. The tasteful contemporary décor, with hardwood floors, marble bathrooms and flat-screen LCD TVs, blends modern elements with tradi-tional glamour. Besides a spa, an indoor heated pool and several restaurants, the Wine Library offers local and international wines and more than 50 artisan cheeses. Avenida Alvear 1661, tel 54 11 5171 1234, http://www.buenosaires.park.hyatt.com $$$

DINING

CABANA LAS LILAS

Argentina’s signature cuisine is grilled beefsteak served in “parrilla” restaurants. Considered the city’s best parrilla, Cabana Las Lilas serves rib eye, skirt steak, and barbecue from cattle raised on the restaurant’s own estancias. Stretching along Puerto Madero’s picturesque Dique No. 4, with three rows of outdoor tables for waterside dining, Las Lilas features impeccable service and a dinner “cover,” including tidbits of olives, peppers, sun dried tomatoes, cheese and fluffy garlic rolls, which is memorable in itself. Avenida Alicia Moreau de Justo 516, tel 54 11 4315 6222 $$$

LA BOURGOGNE

It is hard to dispute this elegant room’s reputation as “South America’s finest restaurant.” In keeping with the city’s Parisian flair, Chef Jean-Paul Bondoux concocts exquisite French and continental cuisine, which can be matched with an array of astonishingly delicious Argentinean wines. Dishes such as hot oysters with shallot cream and caviar or roasted venison glazed with sweet spices and cocoa meld the best of international and indigenous cuisine. 2027 Ayacucho, tel 54 11 4805 3857, http://www.relaischateaux.com/bondoux $$$

LA CABRERA
Palermo’s popular neighborhood recreation of a traditional parrilla, La Cabrera commands the corner of Cabrera and Thames with outdoor dining. Inside is a network of cozy paneled booths and tables with artifacts and picturesque posters cluttering the walls. Besides the steak selections, there is crispy duck confit and provoleta de queso de cabra (grilled goat cheese). For dessert, try the traditional dulce de leche carmelized milk. Cabrera 5099, tel 54 11 4831 7002 $$

INFO TO GO

Most international passengers arrive at Aeropuerto Internacional Ministro Pistarini (EZE) in the Ezeiza suburb 30 miles southwest. For the 40-minute ride from the airport to the city, the taxi fare is $20 to $25. Shuttle services, which charge $10, drop passengers at the central station near the Plaza San Martin. Domestic flights and trips to nearby countries arrive and depart from Aeroparque Jorge Newbery (AEP).

Buses traverse the city; their sidewalk signs clearly marking the stops. The fare costs about 25 cents, and a comprehensive “Guia T” with route maps sells for $1.30. The city’s five-line Subte is one of South America’s oldest subway systems — old wooden cars still serve Line A along Avenida de Mayo. Public transit is almost a moot point, however, since abundant taxis are so inexpensive. A cross-town fare barely costs $5 — though locals take caution to hail only radio cabs for greater security.

DIVERSIONS

With the city’s renowned opera house, Teatro Colon, closed until late 2008 for remodeling, the city’s must-see for visitors is the famous cemetery of La Recoleta (Junin 1790, tel 54 11 4803 1594), where ornate mausoleums and crypts spanning architectural history showcase the wealth and power of the country’s great families (including the relatively plain burial site of Eva Duarte Peron). Also mandatory is a Sunday stroll through San Telmo, where mimes, peddlers, musicians and tango dancers all are part of the weekly street fair. To the south, the working class area of La Boca has been transformed into a colorful colony of brightly painted tin restaurants and ateliers for artists and souvenir sellers, and it’s just steps from the stadium and museum of the revered Boca Juniors football team.

The works of Buenos Aires artists are showcased in the steel and glass MALBA, Museo de Arte Latinoamericano de Buenos Aires (Avenida Figueroa Alcorta 3415, tel 54 11 0808 6500, http://www.malba.org.ar), and in the rose-painted colonial bulwark that is the Museo Nacional de Bellas Artes (Avenida del Libertador 1473, tel 54 11 4803 0802, http://www.mnba.org.ba), which also houses a sampling by European masters. Get to know the real Evita at the Museo Eva Peron (Lafinur 2988, tel 54 11 4807 9433, http://www.museoevita.org), housed in a mansion that Argentina’s former first lady converted to a shelter for single mothers.

Essential to the soul of Buenos Aires is the sensuous, rhythmic tango. All over the city passersby are likely to encounter street dancers performing and passing the hat. For a more formal experience and even a lesson there is La Virtua at the Armenian Cultural Center (Armenia 1366, tel 54 11 4774 0637, http://www.lavirtuatango.com). Café Tortoni (Avenida de Mayo 825, tel 54 11 4342 4328, http://www.cafetortoni.com.ar), the legendary wood-paneled coffee house founded in 1858, which presents two shows per evening, the second around 11 p.m. One way or another tango is apt to require staying up late. Portenos are night people, and some discos and nightclubs don’t even open until after midnight.