The Cabaret el Rebenque comes to life three times a week in a long brick building that’s seen as many changes as Buenos Aires itself. Fifty years ago, when the fertile plains of Argentina’s pampas fed the world, it was a grain-storage facility. Ten years ago, it was an abandoned waterfront warehouse. Now it lies at the heart of Puerto Madero, the city’s hottest development district. The same young, middle-class portenos — residents of this port city — who rioted in the streets four years ago during the country’s financial crisis are now lined up outside the cabaret doors, waiting to join their peers dancing the tango — in their underwear.

Inside the building — now part of the 6-month-old Faena Hotel and Universe — is a stylishly decadent lounge, where mounted antelope heads gaze glassy-eyed at Chesterfield sofas, and a singer in a black vinyl top pours her heart out in the long, breathy notes of Spanish jazz. It’s an eclectic combination that fits in a city where everyone is an immigrant, where people appreciate the flavors of Latin culture but insist they’re really European. Close your eyes during the cabaret performance, and you’ll think you are at a tango club. Cover your ears, and the vision of bustier-clad dancers and cigarette girls will make you swear you’re in post-war Berlin. This is cutting-edge nostalgia, a notion that makes sense only in a city that believes it has everything, and can’t understand how it came so close to losing it all.

How, portenos wonder, could the “Paris of South America” — a city known for its art nouveau buildings, brilliant literary minds and swarms of museums and concert halls — give birth to the series of vicious military dictatorships that ruled Argentina for much of the 20th century? And how, when the country did everything the United States and other critics said it should do — establish democracy, privatize government enterprises, fix the rate of the peso — could Argentina find itself on the verge of financial collapse in 2001? Almost overnight, the nation with the largest middle class in South America found half its population living below the poverty line, and more than a quarter of its people out of work.

The financial crisis mobilized Argentines to action. Shouting “Que se vayan todos!” (“Kick them all out!”), voters turned against the disastrous policies endorsed by the International Monetary Fund, as well as the politicians who supported them. Under newly elected President Nestor Kirchner, Argentina is now committed to doing things its own way, and it has so far met with success. The economy has grown by about 25 percent since 2002. Unemployment has fallen to 13 percent, and the number of people in poverty dropped to 40 percent by the second quarter of 2004. But not everyone has benefited equally from the recovery: the richest 10 percent of workers now earn 33 times as much as the poorest 10 percent (the former earned 26 times as much as the latter in 1999). Yet there’s a sense that things are getting better, as Argentines learn to tap resources they never knew they had.

Argentina has always been an agricultural powerhouse. More than half its exports come from farming and food processing. That may change as the country begins to exploit its mineral reserves, which are still largely unexplored. Argentina is already a major supplier of natural gas to Brazil, its primary trading partner, and to Chile. In addition, as Buenos Aires seeks to rebuild and reinvent its industries, its combination of favorable exchange rates and a highly educated work force has attracted foreign investment. The Puerto Madero area alone now hosts offices for Nextel, 3M, Lexmark and Compaq. And Argentina’s remarkable natural diversity — from the stark wilderness of Patagonia to the cattle country of the pampas to the urban metropolis of Buenos Aires — is making it a magnet for the international film industry: director James Ivory and actress Gwyneth Paltrow will begin shooting a film at a ranch outside the capital in March.

That Buenos Aires could become a popular Hollywood film location is surprising: the city is so distinctive that it’s impossible to imagine anyone’s mistaking it for New York, London or even Paris. Where but in Buenos Aires would one of the city’s major gathering places be a cemetery — La Recoleta — whose most famous resident, first lady Eva Perón, inhabits one of its smallest tombs? Where else would you hear the expression “seven o’clock in the afternoon,” used to describe the hour at which portenos sleep between coming home from work at six and going out at 2 a.m.? (Staying in isn’t an option; when 20-somethings in Buenos Aires want to sleep, they do it at the movies on Friday nights.) And where else would even the most exclusive members of the city’s elite shop for horsehair cowboy boots and silver spurs? Texas, perhaps — but you’d never see the people of Dallas dancing the tango in the streets.

In Buenos Aires, the dancing never stops. The music of Argentina is as addictive, and as difficult to define, as the city itself. It’s old-fashioned and exotic, haunted by a thousand influences, sexy and sad and livelier than one might expect.

“Our music has a mixture of origins from everywhere. And that mix is incredible,” said Florencia Vrljicak, public relations manager at the Faena Hotel and Universe. “Argentine music is flexible. It draws from a broad span of jazz; it has the memory of the tango, with a twist, a Latin flavor. It’s like when you see a Brazilian woman dancing — you don’t know what it is, but there is something you cannot describe, which she has. It’s incredible. An American woman can be a very good dancer, but she will never move as the Brazilian woman does. It’s in her blood.”

It’s a music of strength as well as sadness, a melody that survives when all else has passed away. Every year, a powerful storm — the Santa Rosa, named for the saint’s day — attacks the city at the end of winter, on Aug. 31. This year the storm came early: for 16 hours on Aug. 23, Buenos Aires was pounded by rain and whipped by winds that splintered palm trees, turned umbrellas into pretzels and blew tourists off their feet.

The next day, the city went on as though nothing had happened. Businessmen marched through the glass canyons of Retiro, traffic whizzed down the 16 freshly washed lanes of Avenida 9 de Julio, and the city’s famous dog-walkers pulled 10 and 12 leashes at a time around the fallen trees. Having weathered their share of storms, portenos aren’t fazed by one that’s a little stronger or earlier than predicted. If anything, the uncertainty of the world around them has made them more committed than ever to doing things in their own way, according to their own particular rhythm.

LODGING

ALVEAR PALACE HOTEL
When Eva Perón wanted to impress the ladies of Buenos Aires society — and to ask for donations — she took them to tea at the Alvear Palace, the city’s most elegant hotel. Built in 1932, the Palace retains the glamour of Argentina’s golden age: marble columns topped with gold leaf adorn the tea garden, and each room is filled with fresh flowers by a staff attentive to every detail (there’s an average of three hotel employees to every guest). The hotel abounds in modern conveniences; every room features wireless Internet access; and the 12 ballrooms are equipped with the latest audio-visual equipment. Some rooms even have a hands-free telephone built into the bathroom wall, so guests don’t have to get out of the Jacuzzi to take a call. However, it’s the hotel’s sense of luxury and tradition that wins over most visitors. “We don’t sell nights,” said Cecilia Nigro, the hotel’s director of public relations. “We sell moments.” And those moments are ones to remember. $$$$
ALVEAR PALACE HOTEL
1891 Avenida Alvear
tel 54 11 4808 2960, fax 54 11 4808 2423
http://www.alvearpalace.com

PARK TOWER
Don’t confuse the Park Tower with the Sheraton Buenos Aires, located next door. Yes, they’re both Starwood hotels — but while the Sheraton’s 740 rooms provide five-star accommodations for those attending conferences in its convention center, the Park Tower’s 181 rooms offer service that’s a little better than five stars for CEOs, popular entertainers and visiting heads of state. Located in the heart of the Retiro business district, the Park Tower has spacious rooms attended by butlers to assist with packing, remember a guest’s favorite breakfast dishes and generally make travelers feel like royalty. High-speed Internet connections are available in-room, at the well-equipped business center, and via wireless service in the Lobby Lounge, where a harpist accompanies every afternoon tea. $$$$
PARK TOWER
1193 Avenida Leandro N. Alem
tel 54 11 4318 9381, fax 54 11 4318 9252
http://www.starwoodhotels.com/luxury

HILTON BUENOS AIRES
The Hilton Buenos Aires was the first hotel to open in the reconstructed Puerto Madero, which has since become the place to eat, be seen and do business in the capital. Everything about the hotel is modern, efficient and stylish, from the cathedral-like lobby, with its transparent elevators, to the sleek black furniture in every room and the glass-topped desks that come with their own office supplies. There’s even a cellphone — a handy item if you’re traveling without an international phone. Thirteen meeting rooms, including the massive Buen Ayre ballroom, have hosted such demanding clients as Novartis, HP and Microsoft. $$$$
HILTON BUENOS AIRES
351 Avenida Macacha Guemes
tel 54 11 4891 0000, fax 54 11 4891 0100
http://www.hilton.com

DINING

EL ESTABLO CAFE-BAR

“The Stables” may not sound like a particularly appetizing place to dine, but El Establo is a great example of a parilla — the steak houses for which Buenos Aires is justifiably famous. Equestrian trophies and photos of horses adorn the dining room. At the center of the restaurant is the charcoal barbecue; your mouth will be watering long before your food arrives. Try the mixed grill of succulent beef, chicken and bacon with fried potatoes. $$
EL ESTABLO CAFE-BAR
489 Paraguay
tel 54 11 4311 1639

RIGOLETTO CAFE
Argentines will tell you that the rich, flavorful, tender quality of their beef comes from cows that are free to graze on the ranch, rather than being shut up in an American-style feedlot. However, credit must also be given to Buenos Aires’ many immigrants — particularly those from Italy, Spain and Germany — who have created their own interpretations of parilla cuisine. The Rigoletto Cafe, for example, offers a buttery-soft fillet steak served in a puff pastry, surrounded by mushrooms, bacon and onions. It goes very well with a bottle of malbec from Mendoza. $$
RIGOLETTO CAFE
1291 Rodriguez Peña
tel 54 11 4814 4777

EL PALACIO DE LA PIZZA

Difficult as it may be to believe, humans cannot live by beef alone. At lunchtime, many porteno men and women hit the local pizzeria for a slice or two, eaten with knife and fork while standing at a counter. El Palacio de la Pizza is as elaborate as its name, with house specialties like pizza stuffed with tuna, and a wide selection of pastries. $
EL PALACIO DE LA PIZZA
751 Avenida Corrientes
tel 54 11 4322 9762

NIGHTLIFE

Even if your only experience with soccer is watching Bend It Like Beckham, it’s hard not to get caught up in Argentina’s passion for the sport. Watching the fans is sometimes more entertaining than the game itself: they play drums, hoist enormous flags over their heads and scatter thousands of tiny pieces of paper in the air for no discernable reason. Buenos Aires’ top two teams are Boca Juniors and Rio Plate, and their fans hate each other with a murderous obsession — it’s like having the Boston Red Sox and New York Yankees playing in the same city. Both stadiums are safe, but their neighborhoods are not. Your best bet is to sign up for a package that includes tickets, transportation and a guide to and from the game. Check with your hotel concierge or a local tour agency, such as Maverick Travel (989 Avenida Corrientes, tel/fax 54 11 4390 3472).

Want to get away from the tourist crowd? Skip the tango shows and check out the scene at the Faena Hotel and Universe (445 Martha Salotti, tel 54 11 4010 9000, fax 54 11 4010 9001, www .faenahotelanduniverse.com), a nightlife “experience” in a restored warehouse that includes the Old World dining of El Mercado, the elegant weirdness (think mounted unicorn heads beneath crystal chandeliers) of Bistro, a provocative cabaret and the elegant yet creepy Living Room, which looks like Aleister Crowley’s private chambers. James Brown and Argentine rock legend Charly Garcia have both performed here.

INFO TO GO

Aeropuerto Internacional Ministro Pistarini de Ezeiza (EZE), usually referred to as Ezeiza International Airport, is the primary point of arrival for flights to Argentina. Ezeiza is served by more than a dozen national and international carriers. Be prepared to pay an airport use tax of about $18 upon departure.

The airport is located 22 miles southwest of downtown Buenos Aires. Black-and-yellow taxis are available outside the airport; you can wait in line, register at one of several booths or call 54 11 4323 8001. A ride downtown should cost about $15. Many buses also travel to the city; the number 86 reaches the downtown area in about 45 minutes. Call 54 11 4852 6776 for fares and other information.

Aeroparque Jorge Newbery (AEP) is Buenos Aires’ domestic airport, serving destinations throughout Argentina as well as Montevideo, Uruguay. Located about two miles north of the city center, the airport is easily accessible by taxi ($3) or any of several public buses.

Just the Facts

Time Zone: GMT-3. Buenos Aires does not use daylight-saving time.
Phone Code: 54 Argentina, 11 Buenos Aires
Entry/Exit Requirements: All U.S. citizens require a passport; however, they do not need a visa for visits of up to 90 days for tourism and business.
Currency: Argentine peso (ARS)
Official Language: Spanish
Key Industries: Food processing, printing, motor vehicles, oil and gas, tourism