The fall and rise of Argentina
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.
Banking and foreign exchange activity suspended; Duhalde says the financial system could collapse.
A new economy ministry team is announced, with Roberto Lavagna as economy minister and Guillermo Nielsen as finance secretary.
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.
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.