1989 riots in Argentina

The 1989 riots were a series of riots and related episodes of looting in stores and supermarkets in Argentina, during the last part of the presidency of Raúl Alfonsín, between May and June 1989. The riots were caused by the rampant hyperinflation and food shortage, and were associated with legal protests and demonstrations.

The first riots started in Rosario, the third-largest city in the country, when people demanded supermarkets to give away food; they quickly spread to other cities, specially in Greater Buenos Aires. The national government established a state of emergency. More than 40 people were arrested, and there were 14 dead (20 according to unofficial reports). Eventually President Alfonsín resigned, and president elect Carlos Menem took office six months in advance, in July.

In August 1988 the Alfonsín government launched a new economic plan, called Plan Primavera, intended to contain inflation. It included price controls, negotiated with 53 leading companies, and exchange rate controls, the freezing of state workers' wages, and negotiations with the labour unions. The plan soon proved a failure. Interest rates rose uncontrollably, and the Central Bank's foreign currency reserves were depleted, as it sold U.S. dollars to preserve the value of the Argentine austral. The economic establishment withdrew deposits from the banks, withheld the dollars brought in by exports, and purposefully delayed the paying of taxes.

During May 1989, the exchange rate (while fixed in theory) rose from 80 to 200 australes to the dollar. In Rosario, the inflation rate of May reached 96.5%. There was a shortage of basic products in supermarkets and stores, and their price tags were updated several times in the same day.

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