In the astonishment of the crowd that filled the Mercedes-Benz Stadium in Atlanta, USA yesterday—with an official attendance of 68,239 fans for this historic and thrilling match—the Argentine tango team turned the game around against the Three Lions of England within 10 minutes after England had taken the lead, scoring two goals to advance to the final for the second consecutive time. According to statistics, Argentina has not lost a semifinal match in recent World Cup tournaments.

In the world of economics, comparing Argentina and England is difficult. On the British side of currencies, the pound sterling historically stands as one of the oldest and strongest global currencies, backed by an economy exceeding $3 trillion, prestigious financial institutions, and a global financial center in London.

On the other side of the Atlantic, overlooking South America, stands Argentina, burdened by chronic economic crises, a local currency that has lost a significant part of its value in just a few years, inflation that has at times exceeded record levels, and external debt that makes Buenos Aires the largest debtor to the International Monetary Fund. Argentina tops the list of the most indebted countries to the IMF, with total outstanding debt to the fund amounting to about $42.5 billion, and it is currently operating under the $20 billion Extended Fund Facility (EFF) program approved in 2025. The annual inflation rate stands at 33.5%, reflecting a significant slowdown compared to previous years. But football, as always, loves to mock the numbers and recognizes the language of goals, victories, and honorable results.

In the 2026 World Cup semifinal last night, the pound sterling did not defeat the Argentine peso; quite the opposite happened: Argentina defeated England, as if the match was a symbolic confrontation between two unequal economies—a strong economy with money and influence, and another facing crises and struggling for stability. Argentina offered a new lesson in the complex relationship between economics and sport: wealth does not always create sporting superiority.

Economics does not score goals

Theoretically, England should have had the absolute advantage. The English Premier League is the richest in the world, with revenues amounting to billions of dollars annually, and English clubs have the best infrastructure and the highest levels of investment in football.

But football does not operate according to the logic of financial markets. National teams are not joint-stock companies, and their value is not measured by capital, cash reserves, or credit ratings. It is measured by their ability to transform national identity into competitive energy, to turn suffering into motivation, and to make football a cause that transcends the boundaries of sport.

Argentina: a Crisis-Hit Economy and Sustainable Football Power

Perhaps Argentina's secret lies in having learned to live amid crises. For decades, the country has swung between recession, inflation, debt, and economic restructuring. Yet amid this turmoil, football has remained the most stable national institution.

An Argentine may lose part of his savings due to the collapse of the currency, but he does not lose faith that his country is capable of producing a new Maradona or another Messi.

In Argentina, football has become a kind of "social capital" that compensates, at least morally, for economic losses. It is a source of identity and national pride, and perhaps one of the few symbolic exports whose value has not declined.

Why Can't Money Buy Championships?

England has money, but money alone does not make football history. Sports history teaches us that there are other equally important factors: football culture, historical legacy, the ability to handle pressure, and collective belief in victory.

Perhaps the irony is that countries experiencing economic crises often find in sports a means to reproduce national hope. This has happened repeatedly in Argentina, and in other countries that have used sports as a way to resist economic and social frustration. Here we apply the saying "Football is the glue."

The Peso Defeats the Sterling

The value of the peso may not rise against the pound sterling tomorrow in currency markets, and Argentina's debts may not decrease or its economic crises disappear after this victory, but something else happened that night.

A model triumphed that says a nation's strength is measured not only by the size of its GDP or the stability of its currency, but also by its ability to produce meaning, create joy, and build a national identity capable of turning a 90-minute game into a grand story of pride and resilience.

And in the 2026 World Cup semifinal, the Argentines wrote a new chapter of this story: in the currency market, the sterling defeated the peso, but in the market of dreams and victories, the peso defeated the sterling.