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The fall and rise of Argentina

December 2001:

Economy minister Domingo Cavallo announces the corralito – sweeping restrictions on access to cash deposits designed to halt a run on the banks. The IMF suspends $1.3 billion in aid.

December 20 2001:

President Fernando de la Rua resigns after at least 25 people die in street protests and rioting.

December 23 2001:

Adolfo Rodríguez Saá is named as new interim president. During the last week of the year, the government defaults on $81.8 billion of debt – the biggest default in history.

December 30 2001:

Rodríguez Saá resigns, citing lack of support within his party.

January 1 2002:

Congress elects Peronist senator Eduardo Duhalde as caretaker president. Within days the government devalues the peso, ending 10 years of parity with the US dollar.

April 2002:

Banking and foreign exchange activity suspended; Duhalde says the financial system could collapse.

May 2002:

A new economy ministry team is announced, with Roberto Lavagna as economy minister and Guillermo Nielsen as finance secretary.

July 2002:

Duhalde calls early elections for March 2003, later put back to April, to try to win support for the government’s handling of the economic crisis.

May 2003:

Néstor Kirchner sworn in as president. Former president Carlos Menem gains most votes in the first round of elections but pulls out before the second round.

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