Argentine legislative election, 1993

The Argentine legislative elections of 1993 were held on 3 October. Voters chose their legislators and, with a turnout of 80.3%, it produced the following results:

Success during the 1991 mid-term elections had encouraged President Carlos Menem to approve accelerated plans for privatizations, business deregulation, and more flexible labor laws proposed by the man widely credited for his political "summer," Economy Minister Domingo Cavallo. 1992 was a banner year for the Argentine economy, which grew 9% amid a 40% jump in fixed investment and doubling of auto sales; indeed, it had been the first year since 1984 in which spending on construction and machinery exceeded depreciation (many Argentines bought their first automobile since at least then, as well).

Storm clouds were never far from Menem's political summer skies, however. An exposé on growing corruption published by muckraking journalist Horacio Verbitsky led to the resignation of Menem's chief strategist, Interior Minister José Luis Manzano, and to that of a key ally, Buenos Aires Mayor Carlos Grosso. Continuing economic uncertainty in the United States, Europe and Japan helped lead to an unexpected crisis of confidence in Argentina, as well and, though the nation's healthy foreign exchange reserves easily thwarted a November 1992 run on the Argentine peso, the event helped trigger a sudden slowdown in Cavallo's "Argentine miracle." This negative economic turn was made all the more inopportune by the coinciding wave of layoffs on the heels of mass privatizations of large employers, such as the state oil concern YPF and the nation's vast railways. Unemployment, which had remained at around 7% during the 1991-92 boom, leapt to nearly 10% by mid-1993.

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