Interim Presidents: Difference between revisions
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* Congress elected Adolfo Rodriguez Saa on December 23rd as the new interim President of Argentina. However, only a week later, on December 31st, he resigned, arguing significant lack of support from the rest of the Justicialist Party. His most important action was to declare a default on the national debt. | * Congress elected Adolfo Rodriguez Saa on December 23rd as the new interim President of Argentina. However, only a week later, on December 31st, he resigned, arguing significant lack of support from the rest of the Justicialist Party. His most important action was to declare a default on the national debt. | ||
[[Image:Presidentesaa.jpg]][[Image:Default_graph. | [[Image:Presidentesaa.jpg]][[Image:Default_graph.jpg]] | ||
* Eduardo Oscar Camano, who had replaced Puerta as President of the Senate, became new interim head of the nation. He wanted to maintain certain stability for end of the year celebrations throughout the country and wait until Congress assembled once again to elect a new president. | * Eduardo Oscar Camano, who had replaced Puerta as President of the Senate, became new interim head of the nation. He wanted to maintain certain stability for end of the year celebrations throughout the country and wait until Congress assembled once again to elect a new president. | ||
[[Image:Ecamano.jpg]] | [[Image:Ecamano.jpg]] | ||
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==Eduardo Duhalde== | ==Eduardo Duhalde== | ||
<p align="center">[[Image:Duhalde2.jpg]] </p> | <p align="center">[[Image:Duhalde2.jpg]][[Image:Collageduhalde.JPG]] </p> | ||
President Duhalde was elected by Congress on January 2nd, 2003. He took several measures as soon as he stepped into office. First, he devalued the peso by 30% and converted all dollar denominated dollar accounts, contracts and loans into Argentine pesos. Millions of ordinary people saw lifelong savings reduced and businesses which had taken loans from foreign creditors in dollars. | |||
President Duhalde was elected by Congress on January 2nd, 2003. He took several measures as soon as he stepped into office. First, he | |||
In January 2002, the president modified the fixed one-to-one peso to dollar parity which had been in place for many years. A temporary exchange rate was set at 1.4 pesos per dollar, but the peso had already lost a large part of its value in the free market. | In January 2002, the president modified the fixed one-to-one peso to dollar parity which had been in place for many years. A temporary exchange rate was set at 1.4 pesos per dollar, but the peso had already lost a large part of its value in the free market. | ||
Duhalde continued to apply the measure by which all dollar denominated bank accounts were to be converted to pesos at an official rate. Many citizens became angered. Some of them even tried to appeal to make the measure be declared unconstitutional. Afterwards, the exchange rate was left to float without any major restraints. | Duhalde continued to apply the measure by which all dollar denominated bank accounts were to be converted to pesos at an official rate. Many citizens became angered. Some of them even tried to appeal to make the measure be declared unconstitutional. Afterwards, the exchange rate was left to float without any major restraints. | ||
The peso further devaluated, which led to a higher inflation- about 80%- and therefore a worse economic situation. The exchange, by 2002, was up to 4 pesos per dollar. | The peso further devaluated, which led to a higher inflation- about 80%- and therefore a worse economic situation. The exchange, by 2002, was up to 4 pesos per dollar. | ||
<p align="center">[[Image:Graphs_duhalde.JPG]] </p> | |||
<p align="center">[[Image:Graphs_duhalde.JPG]]</p> | |||
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[[Image:Collageotro.JPG]] | [[Image:Collageotro.JPG]] | ||
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<p align="center"><big>[[Argentina International Debt|Introduction]] | [[Dictatorship|Dictatorship]] | [[Alfonsín|Raúl Alfonsín]] | [[Carlos Menem]] | [[Fernando de la Rúa]]</big></p> | <p align="center"><big>[[Argentina International Debt|Introduction]] | [[Dictatorship|Dictatorship]] | [[Alfonsín|Raúl Alfonsín]] | [[Carlos Menem]] | [[Fernando de la Rúa]]</big></p> | ||
<p align="center"><big>[[Néstor Kirchner]] | [[Argentina Economic Graphics|Graphs]] | [[Final Analysis]]</big></p> | <p align="center"><big>[[Néstor Kirchner]] | [[Argentina Economic Graphics|Graphs]] | [[Final Analysis]]</big></p> | ||
Latest revision as of 03:32, 7 December 2006
Uncertainty and Turmoil
In a matter of two weeks, Argentina had three different presidents:
- On December 21st,2001, after De la Rua's resignation, Federico Ramon Puerta, who was president of the Senate, became interim President of the nation. His purpose was to serve until Congress assembled and elected a new president.
- Congress elected Adolfo Rodriguez Saa on December 23rd as the new interim President of Argentina. However, only a week later, on December 31st, he resigned, arguing significant lack of support from the rest of the Justicialist Party. His most important action was to declare a default on the national debt.
- Eduardo Oscar Camano, who had replaced Puerta as President of the Senate, became new interim head of the nation. He wanted to maintain certain stability for end of the year celebrations throughout the country and wait until Congress assembled once again to elect a new president.
Eduardo Duhalde
President Duhalde was elected by Congress on January 2nd, 2003. He took several measures as soon as he stepped into office. First, he devalued the peso by 30% and converted all dollar denominated dollar accounts, contracts and loans into Argentine pesos. Millions of ordinary people saw lifelong savings reduced and businesses which had taken loans from foreign creditors in dollars.
In January 2002, the president modified the fixed one-to-one peso to dollar parity which had been in place for many years. A temporary exchange rate was set at 1.4 pesos per dollar, but the peso had already lost a large part of its value in the free market.
Duhalde continued to apply the measure by which all dollar denominated bank accounts were to be converted to pesos at an official rate. Many citizens became angered. Some of them even tried to appeal to make the measure be declared unconstitutional. Afterwards, the exchange rate was left to float without any major restraints.
The peso further devaluated, which led to a higher inflation- about 80%- and therefore a worse economic situation. The exchange, by 2002, was up to 4 pesos per dollar.
Argentineans had seen how their quality of life had lowered significantly. Several businesses closed, banks went bankrupt, and it was harder to buy imported products because of their price. Under pressure from several sectors in the political spectrum and after managing to stabilize the economic situation to a certain degree, Duhalde called for presidential elections.
Introduction | Dictatorship | Raúl Alfonsín | Carlos Menem | Fernando de la Rúa
