New beginning looks elusive

When the end came, it was spectacular. On one of the hottest nights of the year in Argentina, nationwide protests turned ugly as riots and looting broke out, claiming at least 22 lives. During the night, the economy ministry was torched. The following morning, December 20, its unpopular head, Domingo Cavallo, was gone. Later that afternoon, the president, Fernando De la Rúa, followed suit. Argentina was left rudderless at precisely the time decisive leadership was required to help minimize the downside to its inevitable default.