Argentina's 2001 Default: The Road to the Corralito

In December 2001, Argentina defaulted on its $132 billion debt, the largest sovereign default in history at the time. This episode traces the decade-long road to that collapse, from the 1991 Convertibility Plan that pegged the peso one-to-one with the dollar, through the 1998 recession, the IMF's role, and the final desperate measures: the corralito freezing bank accounts, the cacerolazos that brought down President Fernando de la Rúa, and the five presidents in two weeks. We explore Domingo Cavallo's second term as economy minister, the role of the IMF's 'blind eye' to fiscal profligacy, and the social explosion that followed. Featuring the piquetero movement, the Ley de Emergencia Pública, and the eventual devaluation under Eduardo Duhalde that ended convertibility.

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