December 2001 riots (Argentina)

Economy of Argentina
Peso (currency)
Convertibility plan
Corralito
Cacerolazo
2001 riots
Apagón
Debt restructuring

The December 2001 uprising was a period of civil unrest and rioting in Argentina, which took place during December 2001, with the most violent incidents taking place on December 19 and December 20 in the capital, Buenos Aires, Rosario and other large cities around the country.

The uprising was a predominantly middle-class uprising against the government of President Fernando de la Rúa, who had failed to contain the economic crisis that was going through its third year of recession. Since 1991, the Argentine peso was at a fixed exchange rate with the US dollar. The dollarization had been instrumental to overcome the chronic hyperinflation bursts of the late 1980s, but almost entirely deprived Argentina of control over its monetary policy, and a sudden revaluation of the dollar in 1997 ended up harming exports, which were the only important source of foreign currency at the time.

De la Rúa's economic policies suffered a severe blow in March 2001 when Economy Minister José Luis Machinea resigned from office. He was briefly replaced by the then-Defense Minister Ricardo López Murphy, who himself was forced to resign following negative reception to his shock program. After only two weeks in office, López Murphy was replaced by Domingo Cavallo, who had previously served as Economy Minister between 1991 and 1996, and who was widely credited to be the man that took Argentina out of hyperinflation.

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