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.