The December 2001 crisis, sometimes known as the Argentinazo (), was a period of
civil unrest
Civil disorder, also known as civil disturbance, civil unrest, civil strife, or turmoil, are situations when law enforcement and security forces struggle to maintain public order or tranquility.
Causes
Any number of things may cause civil di ...
and
rioting in
Argentina
Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...
, which took place during December 2001, with the most violent incidents taking place on 19 and 20 December in the capital,
Buenos Aires
Buenos Aires, controlled by the government of the Autonomous City of Buenos Aires, is the Capital city, capital and largest city of Argentina. It is located on the southwest of the Río de la Plata. Buenos Aires is classified as an Alpha− glob ...
,
Rosario
Rosario () is the largest city in the central provinces of Argentina, Argentine province of Santa Fe Province, Santa Fe. The city, located northwest of Buenos Aires on the west bank of the Paraná River, is the third-most populous city in the ...
and other large cities around the country. It was preceded by a popular
revolt against the Argentine government, rallying behind the motto "All of them must go!" (), which caused the
resignation of then-president
Fernando de la Rúa, giving way to a period of political instability during which five government officials performed the duties of the
Argentine presidency. This period of instability occurred during the larger period of crisis known as the
Argentine great depression, an economic, political, and social crisis that lasted from 1998 until 2002.
The December 2001 crisis was a direct response to the government's imposition of "Corral" policies () at the behest of economic minister
Domingo Cavallo, which restricted people's ability to withdraw
cash
In economics, cash is money in the physical form of currency, such as banknotes and coins.
In book-keeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-i ...
from banks. Rioting and protests became widespread on 19 December 2001, immediately following the president's declaration of a state of emergency and his resignation on the following day. A state of extreme institutional instability continued for the next twelve days, during which the successor president
Adolfo Rodríguez Saá resigned as well. While the degree of instability subsided, the events of December 2001 would become a blow against the legitimacy of the
Argentine government that would persist for the following years.
The majority of the participants in the protests were unaffiliated with any political party or organization. Over the course of the protests, 39 people were killed by
police
The police are Law enforcement organization, a constituted body of Law enforcement officer, people empowered by a State (polity), state with the aim of Law enforcement, enforcing the law and protecting the Public order policing, public order ...
and security forces,
most of them during sackings in provinces governed by the
Peronists opposition. Of the 39 killed, nine were
minors.
Background
The Argentine economy
Fernando de la Rúa, as the candidate for the
Alliance for Work, Justice and Education, had assumed the role of president in December 1999 in the middle of a recession, which was caused in part by the
Convertibility plan () passed in 1991 which pegged the value of the
Argentine peso to the
United States dollar
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
.
While political reforms under the previous president
Carlos Menem
Carlos Saúl Menem (2 July 1930 – 14 February 2021) served as the 50th president of Argentina for ten years, from 1989 to 1999. He identified as Peronism, Peronist, serving as President of the Justicialist Party for 13 years (from 1990 to 200 ...
had succeeded in reducing
inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ...
, the downsides of his economic policies became more and more apparent starting in 1997. Maintaining the convertibility of pesos to dollars required the government of Argentina to obtain an abundant supply of American dollars. At first, this supply was maintained by the
privatization
Privatization (rendered privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation w ...
of nearly all of the Argentine
state's industries and
pension
A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", wh ...
funds. As the privatization process was completed, Argentina's
agriculture
Agriculture encompasses crop and livestock production, aquaculture, and forestry for food and non-food products. Agriculture was a key factor in the rise of sedentary human civilization, whereby farming of domesticated species created ...
export
An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is a ...
-based economy was unable to maintain a sufficient flow of dollars to the state, and the system began to require more and more
sovereign debt.
Fernando de la Rúa's presidency
One of the key factors leading to the victory of the ''Alliance'' in the 1999 elections was its promise to uphold the convertibility plan. One of de la Rúa's campaign slogans declared "With me, one peso, one dollar" (). Despite a changing international economic situation (including economic downturns in
Brazil
Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...
, one of Argentina's key economic partners), and mounting demands for increased
monetary sovereignty from the left and some Peronists, the ''Alliance'' committed itself to maintain the status quo at all costs.
October 2000 Crisis
De la Rúa's political situation was precarious. His arrival to power in 1999 had been possible thanks to the
Alliance for Work, Justice and Education (), a coalition formed by the
Radical Civic Union
The Radical Civic Union (, UCR) is a major political party in Argentina. It has reached the national government on ten occasions, making it one of the most historically important parties in the country. Ideologically, the party has stood for r ...
and the
FrePaSo, which managed to defeat the incumbent
Justicialist Party (the
Peronist party) in that year's presidential elections. However, the Alliance (as it was known) failed to achieve a majority in the
Senate
A senate is a deliberative assembly, often the upper house or chamber of a bicameral legislature. The name comes from the ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior (Latin: ''senex'' meaning "the el ...
and the
Chamber of Deputies
The chamber of deputies is the lower house in many bicameral legislatures and the sole house in some unicameral legislatures.
Description
Historically, French Chamber of Deputies was the lower house of the French Parliament during the Bourb ...
, and lost the provincial elections to the Peronists, who then remained in charge of large and critical districts such as the
Buenos Aires
Buenos Aires, controlled by the government of the Autonomous City of Buenos Aires, is the Capital city, capital and largest city of Argentina. It is located on the southwest of the Río de la Plata. Buenos Aires is classified as an Alpha− glob ...
,
Córdoba and
Santa Fe provinces.
The government coalition was strained from the first moment; the FrePaSo leaders resented being "junior members" of the government (being forced to that position after losing their bid to the Governorship of Buenos Aires), while the Radicals were divided between their left- and right-leaning factions (De la Rúa was a leader of the party's conservatives), especially regarding economic policy. In late 2000 a
political scandal
In politics, a political scandal is an action or event regarded as morally or legally wrong and causing general public outrage. Politicians, government officials, Political party, party officials and Lobbying, lobbyists can be accused of various ...
broke out when it was reported that
SIDE, Argentina's
intelligence service, had paid massive
bribes to a number of senators to approve a controversial Labor Reform Act. The head of SIDE, Fernando de Santibañes, was a personal friend of De la Rúa. The crisis came to a head in October 2000 when Vice President
Carlos Álvarez resigned, citing De la Rúa's unwillingness to tackle corruption.
March 2001 Crisis
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 the original author of the Convertibility plan during Menem's presidency.
Because of the worsening economic situation and mounting foreign debt, the government enacted two enormous campaigns of debt-expansion and
refinancing under the supervision of the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
(IMF), named "The armoring" () and "The
Megaexchange" () respectively. From the first moment, there were allegations of corruption and
money laundering
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds i ...
about the ''megacanje''.
The crisis also caused the resignation of all the FrePaSo Cabinet ministers, leaving de la Rúa without political support. The
congressional elections of October 2001 were a disaster for the government, which lost many of its seats in the Senate and the Chamber of Deputies to the Peronists. The election results marked also a growing unrest within Argentina's voters, who took to cast millions of null or blank votes. The Peronists seized the opportunity to appoint Senator
Ramón Puerta to be President Pro-Tempore of the Argentine Senate, a situation which added to De la Rúa's political weakness since in the Argentine system the President Pro-Tempore of the Senate is next in line for the Presidency after the Vice President. With no Vice President of its own, Puerta's designation meant that De la Rúa had a virtual Peronist Vice President.
Social unrest was also growing. Since the late 1990s, protest movements had formed in Argentina, notably the
piqueteros ("picketeers"), initially made up of unemployed workers. The piqueteros
blockaded major roads and highways demanding government subsidies and other
welfare measures. They featured prominently during the March 2001 crisis.
The crisis reached a breaking point on 29 November 2001, as major
investor
An investor is a person who allocates financial capital with the expectation of a future Return on capital, return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of pr ...
s began to withdraw their deposits from the banks, summarily causing the collapse of the Argentine banking system due to
capital flight. This was compounded by the IMF's decision to refuse to refinance Argentina's debt.
Corralito
At the beginning of December 2001, the IMF cut off the flow of funds to Argentina and capital flight became uncontrollable, with 25% of all the money in Argentine banks having been withdrawn since the beginning of 2001. On 2 December, Finance Minister Cavallo announced a national cash-withdrawal limit of $250/week. Popular opinion was very negative, especially amongst the
middle class
The middle class refers to a class of people in the middle of a social hierarchy, often defined by occupation, income, education, or social status. The term has historically been associated with modernity, capitalism and political debate. C ...
(bearing in mind that the weekly withdrawal limit was higher than the total savings of the majority of the Argentine population), for whom the economic crisis caused a breach of political confidence. Protests were held throughout December, although the largest and most important protests were those held on 19 and 20 December.
Although people could still use their money via
credit cards,
checks and other forms of non-cash payments, the enforcement of these measures caused delays and problems for the general population and especially for businesses. Massive queues at every bank and growing reports of political crisis contributed to inflame Argentina's political scenario.
De la Rúa's position had become unsustainable, and an attempt by the
Catholic Church
The Catholic Church (), also known as the Roman Catholic Church, is the List of Christian denominations by number of members, largest Christian church, with 1.27 to 1.41 billion baptized Catholics Catholic Church by country, worldwid ...
to mediate between the government and the opposition in mid-December failed. Between 16 and 19 December there were several incidents involving unemployed activists and protesters who demanded the handing-out of food bags from supermarkets. These incidents ended up with outright looting of
supermarket
A supermarket is a self-service Retail#Types of outlets, shop offering a wide variety of food, Drink, beverages and Household goods, household products, organized into sections. Strictly speaking, a supermarket is larger and has a wider selecti ...
s and
convenience stores on 18 December, taking place in the
Rosario
Rosario () is the largest city in the central provinces of Argentina, Argentine province of Santa Fe Province, Santa Fe. The city, located northwest of Buenos Aires on the west bank of the Paraná River, is the third-most populous city in the ...
and
Greater Buenos Aires areas.
General strike and looting
On 13 December, the
General Confederation of Labour and the
Argentine Workers' Central Union declared their seventh
general strike against the policies of de la Rúa's government. The strike had a high participation rate, including strikes in sectors that rarely participated in general strikes, such as the
financial sector and un-
unionized
A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages ...
workplaces.
During the time of the strike, there were riots in the
working class neighborhoods of some cities, largely instigated by the striking ''piqueteros''. Looting occurred in various commercial districts in the country's interior and in
Buenos Aires
Buenos Aires, controlled by the government of the Autonomous City of Buenos Aires, is the Capital city, capital and largest city of Argentina. It is located on the southwest of the Río de la Plata. Buenos Aires is classified as an Alpha− glob ...
. Thousands of people participated in looting, truck-robbery, and street-blocking. From 13 to 19 December, seven people were killed by security forces and shopowners.
19 December
Throughout the day new lootings took place, and the Government believed that Peronist agitators were fueling the protests, especially in the
province of Buenos Aires. This came after noting that the lootings often took place in Peronist-governed towns, and that the
Buenos Aires Provincial Police (which ultimately answered to Buenos Aires Governor
Carlos Ruckauf, a top Peronist) was strangely mild in restoring order. With violence mounting across Argentina's major cities, President De la Rúa began to consider alternative measures to restore order.
The first option considered was to deploy the military to contain the violence. However, Argentine legislation forbids military intervention in domestic security matters unless the police and security forces are overwhelmed, a situation quickly pointed out by the Chairman of the Joint General Staff and the Chiefs of Staff of the
Army
An army, ground force or land force is an armed force that fights primarily on land. In the broadest sense, it is the land-based military branch, service branch or armed service of a nation or country. It may also include aviation assets by ...
,
Navy
A navy, naval force, military maritime fleet, war navy, or maritime force is the military branch, branch of a nation's armed forces principally designated for naval warfare, naval and amphibious warfare; namely, lake-borne, riverine, littoral z ...
and
Air Force
An air force in the broadest sense is the national military branch that primarily conducts aerial warfare. More specifically, it is the branch of a nation's armed services that is responsible for aerial warfare as distinct from an army aviati ...
. The military also pointed out that they would only intervene if their deployment was authorized by a law voted in Congress, something impossible given the Peronist majority in both Houses. The Argentine military was unwilling to take the blame if violence grew worse, learning from what had previously happened when President
Isabel Perón
Isabel Martínez de Perón (, born María Estela Martínez Cartas; 4 February 1931) is an Argentine politician who served as the 41st president of Argentina from 1974 to 1976. She was one of the List of elected and appointed female heads of s ...
issued an
executive order commanding them to fight the subversive guerrilla movements of the 1970s (see
Dirty War
The Dirty War () is the name used by the military junta or National Reorganization Process, civic-military dictatorship of Argentina () for its period of state terrorism in Argentina from 1974 to 1983. During this campaign, military and secu ...
).
With military intervention no longer an option, De la Rúa resorted to declare a
state of siege (essentially a
state of emergency
A state of emergency is a situation in which a government is empowered to put through policies that it would normally not be permitted to do, for the safety and protection of its citizens. A government can declare such a state before, during, o ...
) throughout the country, deploying the
Federal Police, the
National Gendarmerie (border guard) and the
Naval Prefecture (coast guard) to contain the growing violence.
Later that night, De la Rúa addressed the nation to announce the state of siege and to call the Peronists to negotiate a "government of national unity". Following the broadcast, spontaneous ''
cacerolazos'' ("pot banging") took place throughout Buenos Aires and other major cities, signaling the middle-class' own unrest. 19 December concluded with the resignation of Domingo Cavallo, who had lost whatever support he had within the government. Groups of protesters mobilized throughout Buenos Aires, some of them arriving to
Plaza de Mayo
The Plaza de Mayo (, ; ) is a city square and the main foundational site of Buenos Aires, Argentina. It was formed in 1884 after the demolition of the Recova building, unifying the city's Plaza Mayor and Plaza de Armas, by that time known as ''Pl ...
, where there were incidents with the Federal Police forces.
20 December

What had begun as rioting by unemployed and leftist-leaning groups had turned into a middle-class protest with the ''cacerolazos'', and the resignation of Cavallo did nothing to calm down the situation. The De la Rúa administration had agreed with the military to participate in an emergency handing-out of food, however, the plan failed due to lack of cooperation from the Ministry of Social Development.
Throughout the morning, groups of protesters converged on Plaza de Mayo despite the state of siege. The
Federal Police, acting under orders from the government, proceeded to try to control the protests. An attempt by a federal judge to halt police operations was disregarded, and the situation worsened with the arrival of new groups of protesters.
As violence expanded, President De la Rúa tried to impose censorship on all news outlets from Buenos Aires. The idea was to use the state of siege to force the television networks to stop transmitting current events and broadcast emergency programming. This plan also failed because De la Rúa's own Media Secretary refused to carry out his instructions. The state's repression was thus broadcast both within Argentina and abroad, causing further mobilizations toward the Plaza.
Violent incidents between the police and protesters spread throughout the country. The most notorious ones took place at the Plaza de Mayo, where five people were killed.
With his options steadily being reduced, De la Rúa went onto national television at 4 p.m. to offer the Peronists to join the government and try to bring some peace to the country. At that time, a caucus of Peronist governors was taking place at a country villa in the province of
San Luis. Three hours later, Humberto Roggero, head of the Peronist bloc of the House of Deputies, announced that the Peronist Party would not be a part of a "government of national unity".
When he heard the Peronists' response, De la Rúa decided to resign from office. The situation on Plaza de Mayo (right in front of the
Casa Rosada, the Presidential Palace) was still too violent for De la Rúa to leave by car to his official residence at Olivos. Thus, the President's security detail decided to take him out of the Casa Rosada on board an Air Force helicopter. The iconic images of De la Rúa's "escape" by helicopter were broadcast throughout the country. The violence slowly abated. By the end of the day, 26 people had died, five of them in Buenos Aires.
With Álvarez having resigned a year earlier, the President Pro-Tempore of the Senate,
Ramón Puerta, took over as Interim President until Congress could appoint a successor to De la Rúa.
Victims and criminal investigation
All told, 36 people were killed by police forces during the December riots, including 7 children. The largest incidence of violence was in the Plaza de Mayo of Buenos Aires, in what would become known in Argentina as the "
Plaza de Mayo Massacre" (), where 5 people were killed and 227 were injured. These crimes were investigated and brought to court. Seventeen people were charged with murder, attempted murder, including the then-Secretary of Security Enrique Mathov and the former head of the Argentine Federal Police, Ruben Santos.
While various officials and police officers have been charged and sentenced to prison, as of 2016 the majority of cases pertaining to violence during the December riots have not moved forward.
Rodríguez Saá Administration
According to the Acephaly Act, Puerta would only be president until the Legislative Assembly (a joint session of the Senate and the House of Deputies) convened and appointed a new president from either one member of Congress or a provincial governor to complete the resigning President's period.
The Peronist governors assembled at San Luis -arguably the most powerful men in Argentina at the period- were divided on whom to nominate. There were three "natural candidates", who were the governors of the three largest provinces:
Carlos Ruckauf of Buenos Aires,
José Manuel de la Sota of
Córdoba and
Carlos Reutemann of
Santa Fe. As a temporary arrangement, the governors decided to nominate
Adolfo Rodríguez Saá, Governor of San Luis. The Peronists' easy majority in both houses of Congress ensured that Rodríguez Saá was elected on 22 December.
While de la Rúa's term expired in 2003, some argued that only a president legitimated by popular vote would be able to bring Argentina out of the crisis. To that end, Rodríguez Saá was designated as interim president for only three months, until presidential elections were held on 3 March. If needed, a
ballotage
The two-round system (TRS or 2RS), sometimes called ballotage, top-two runoff, or two-round plurality, is a single-winner electoral system which aims to elect a member who has support of the majority of voters. The two-round system involves one ...
would be held on 17 March. The winner would take office on 5 April for the balance of de la Rúa's term.
However, Rodríguez Saá did not seem at all satisfied with being a caretaker president. From the first moment, Rodríguez Saá embarked on ambitious projects aimed at giving him popularity. In his inaugural speech, he announced that Argentina would
default on its foreign debt, an announcement received by rousing applause from the members of Congress. He then proceeded to announce the issuing of a "third currency" (alongside the peso and the dollar) to boost consumption. Later on, Rodríguez Saá announced that he would extradite every former military officer charged with human rights abuses during the Dirty War who was requested by foreign courts. Another measure was to stand down the state of siege.
There were also some unpopular designations to the Cabinet. The most notorious one was the appointment of former Mayor of Buenos Aires
Carlos Grosso, arguably one of the most corrupt figures in Argentine politics. Rodríguez Saá also courted the powerful Peronist
trade unions
A trade union (British English) or labor union (American English), often simply referred to as a union, is an organization of workers whose purpose is to maintain or improve the conditions of their employment, such as attaining better wages ...
in a move that was recognized as an attempt to wrestle power from the other Peronist governors.
New riots and ''cacerolazos'' took place on Buenos Aires, with some protesters entering the Congress Palace and burning furniture. On 30 December, Rodríguez Saá called for a summit of Peronist governors at the Presidential holiday retreat of Chapadmalal, south of
Mar del Plata. Of the fourteen Peronist governors, only five attended. Realizing that he lacked support from his own party, Rodríguez Saá returned to his home province to announce his own resignation to the Presidency after barely a week in office.
Designation of Eduardo Duhalde

Ramón Puerta refused to take over as interim President again, resigning as President Pro-Tempore of the Senate. With no President, Vice President or President Pro-Tempore of the Senate, the Presidency of Argentina was placed in the hands of the next-in-line:
Eduardo Camaño, who was the Speaker of the House of Deputies.
Camaño was to take over until a new Legislative Assembly was convened. The Assembly convened on 1 January 2002, and debated extensively before designating Senator
Eduardo Duhalde
Eduardo Alberto Duhalde (; born 5 October 1941) is an Argentina, Argentine former peronist politician who served as the interim President of Argentina from January 2002 to May 2003. He also served as Vice President of Argentina, Vice President ...
as president almost at midnight.
Duhalde was one of the top leaders of the Peronist Party. However, many had thought that Duhalde's political career was ruined after his defeat in the
1999 presidential elections. In an ironic twist of events, Duhalde was called to complete the term of the man who beat him in the elections, Fernando de la Rúa. This was not to be a provisional presidency, as Duhalde was designated to complete the interrupted term of De la Rúa until the
2003 presidential elections.
With regard to the economy Duhalde and his Economy Minister
Jorge Remes Lenicov decided on an even more extreme freezing of the bank deposits, which was then coupled with the so-called ''pesificación'' ("peso-ification", a forced transformation of all dollar-denominated accounts into pesos at an arbitrary fixed
exchange rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...
), and a regulated
devaluation. The fixed exchange rate system was abandoned soon afterwards, which was followed by a large
depreciation
In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation i ...
.
Social changes
During the unrest millions of people formed
neighbourhood assemblies, occupied unused land and factories, created
barter
In trade, barter (derived from ''bareter'') is a system of exchange (economics), exchange in which participants in a financial transaction, transaction directly exchange good (economics), goods or service (economics), services for other goods ...
and
mutual aid
Mutual aid is an organizational model where voluntary, collaborative exchanges of resources and services for common benefit take place amongst community members to overcome social, economic, and political barriers to meeting common needs. This ...
networks, implemented workers' self-management across hundreds of factories and rejected trade unionism and political parties. Around a third of the population participated in these creations and these efforts have been repeatedly praised by
anarchists.
Documentary
* De la Rúa's resignation is shown at ''
Jorge Batlle: entre el cielo y el infierno'', a 2024 documentary directed by
Federico Lemos
Federico (; ) is a given name and surname. It is a form of Frederick, most commonly found in Spanish, Portuguese and Italian.
People with the given name Federico
Arts and language
* Federico Ágreda, Venezuelan composer and DJ
* Federico A ...
.
See also
*
1989 riots in Argentina
*
List of cases of police brutality in Argentina
References
Sources
*
*
*
*
*
*
{{DEFAULTSORT:December 2001 Riots In Argentina
Emergency laws
Protest marches
1998–2002 Argentine great depression
Protests in Argentina
Riots and civil disorder in Argentina
Police misconduct in Argentina
2001 riots
2001 in Argentina
Presidency of Fernando de la Rúa
Articles containing video clips
2001 protests
December 2001 in Argentina
2000s political riots