Cruiser choices for a neutral Atlantic navy

What interwar cruiser design should a neutral Atlantic power adopt for a medium-sized cruiser?

Start from a proven medium-power cruiser such as Canarias or La Argentina, or enlarge a French design beyond treaty limits to restore balance.

Canarias offers an existing heavy-cruiser design suited to a neutral Atlantic navy's needs. La Argentina provides a light-cruiser alternative, while the pair of Italian-built Argentine cruisers offers another smaller heavy-cruiser pattern. These options belong to different points in the interwar period, so the procurement date matters. La Argentina's departure in 1939 is described as narrowly preceding a possible compulsory British acquisition. For a state free of naval treaty restrictions, another proposal is to enlarge and rebalance a French design. The suggested armament is twelve 8-inch guns in four triple turrets, using the freedom from treaty limits to accommodate the desired design.