Argentina's Domingo Cavallo, The comeback kid
Euromoney Limited, Registered in England & Wales, Company number 15236090
4 Bouverie Street, London, EC4Y 8AX
Copyright © Euromoney Limited 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Argentina's Domingo Cavallo, The comeback kid

Cavallo: Back in the spotlight

Whatever else might be said of him, Domingo Cavallo is a brave man. Argentina's former economy minister, widely blamed for the country's meltdown following its devaluation and debt default, is planning a return to the limelight. He has decided to run in Argentina's legislative elections due in October. The 59-year-old is campaigning to win a seat as deputy in the lower house of congress in Buenos Aires for the centre-right Action for the Republic Party.

His chances of victory, however, are slim. According to one local poll, over 80% of respondents disagreed with his decision to run. This is hardly surprising. Cavallo is still held responsible for Argentina's financial crisis, especially by the middle class. He resigned as economy minister in December 2001, just after he introduced the corralito – restrictions on bank deposits. The decision triggered a run on the banks and led to massive protests throughout the country.

That was the second time he had been in charge of Argentina's economy. His first tenure, between 1991 and 1996 when Carlos Menem was president, proved rather more successful.

Gift this article