Fernando de la Rúa

Fernando de la Rúa served as the president of Argentina from 1999 to 2001. He led an alliance of parties, primarily the Radical Civic Union, to victory over the Peronists. De la Rúa inherited a significant foreign debt, a large deficit, and a persistent recession. His administration attempted to address these issues by raising taxes, cutting government employee salaries, and encouraging early retirement. However, economic conditions worsened, leading to the resignation of his economy ministers and the eventual re-appointment of Domingo Cavallo.12

Cavallo's reforms proved ineffective, eroding investor confidence. Amidst widespread antigovernment protests, both Cavallo and de la Rúa resigned on December 20, 2001. This period was marked by a succession of interim presidents, restrictions on bank access, default on foreign debt payments, and a devaluation of the Argentine peso, culminating in another economic collapse in 2002.1