Page 63 - (DK Eyewitness) Travel Guide - Argentina

THE HIST OR Y OF ARGENTINA  61

at fever point, de la Rúa imposed emerg­
ency restrictions on cash with drawals,
preventing Argentinians from withdrawing
their savings from banks. For many, it was
the last straw. Thousands took to the streets,
demanding the government’s resig nation.
After two days of chaos had left 27 dead,
de la Rúa resigned. There followed four
presi dents in 11 days, plus the largest debt
default in history – US$150 billion – and a
An airlift taking place during the Falkland Islands (Islas Malvinas)
war in 1982 sharp devalua tion of the peso in 2003,
wiping millions from bank savings.
country. However, unable to control Post­2003, Argentina has rebounded.
a difficult economic situation, which A surge in commodity prices prompted an
spiraled into hyper inflation, the Radicals export­driven economy that has grown at
were routed in the national elections of over 8 percent per year. Néstor Kirchner’s
1989. They handed over power to a repeals of the Due Obedience Law and of
reinvigorated Peronist Party, led by Carlos Menem’s pardons of Dirty War leaders
Menem. Menem implemented a neoliberal have won praise from human rights
pro gram that emphasized massive privati­ groups and led to new criminal trials.
zation and pegged the peso to the dollar In 2010, Argentina passed a gay marriage
at one­to­one. The effect was striking; law offering same­sex couples equal
inflation dropped sharply, but local rights as hetero sexuals. Although
industry collapsed under foreign confidence in a better future remains
competition, provoking recession fragile, Argentina’s current political
and record unemployment. stability, growing tourism industry, and
Argentinians turned to Fernando de la thriving agricultural exports bode well
Rúa, head of the Radical­backed Alliance. for the country.
The situa tion that confronted him,
how ever, was dire. Heavy borrowing
during the Menem years had left
Argentina with a crippling foreign
debt, and the new government was
forced to adopt severe measures in
order to stave off default. Still the
recession deepened, leaving the
poor destitute and the middle class
struggling. In December 2001, with
rumors of default and devaluation Thousands protest during the economic crisis in 2001, Buenos Aires

2007 Cristina Fernández de Kirchner wins 2009 Justicialist Party loses its major ity
presi den tial election in both houses of Congress
1999 Fernando de la Rúa elected president
ahead of Peronist candidate 2002 Argentina 2010 Argentina becomes first
records biggest debt Latin American country to
default in history legalize gay marriage
1990 1995 2000 2005 2010 2015
1994 Constitutional reform 2003 Néstor Kirchner voted 2011 Cristina Fernández
allows Menem to run for in as president de Kirchner wins landslide
re­election and he wins election and becomes first
Carlos second term 2001 Economic collapse female Latin American
Menem leads to protests president to be re­elected

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