Néstor Kirchner and the Peso: Argentina's 2001 Collapse

When Argentina defaulted on $95 billion in debt in December 2001, it wasn't just an economic crisis—it was a national unraveling. In this episode, Lucas and Luna trace the roots of the collapse back to the Convertibility Plan of 1991, which pegged the peso one-to-one to the U.S. dollar. They explore the chaotic 'five presidents in ten days' period, the rise of piquetero social movements, and the corralito that trapped citizens' savings. Then they turn to Néstor Kirchner's presidency (2003–2007), his repudiation of the IMF, and the debt restructuring that offered just 30 cents on the dollar. Along the way, they discuss the cacerolazo protests, the role of Economy Minister Domingo Cavallo, and the long shadow of the 2001 crisis on Argentine politics today. This is a story of sovereign debt, social fracture, and the painful search for a new economic model.

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