Argentina: Abandoning Convertibility and the Peso Float (2001-2005)

1. Convertibility Law fixes peso at 1:1

   Apr 1, 1991Labels: Convertibility Law, Peso, Currency board

   • SEC filing

2. Government imposes the “corralito” withdrawal limits

   Dec 1, 2001Labels: Corralito, Argentine government

   • Decree 1570

3. IMF suspends support amid fiscal slippage

   Dec 5, 2001Labels: IMF, Argentina

   • IMF overview

4. Mass protests force President de la Rúa to resign

   Dec 20, 2001Labels: Fernando de, December 2001

   • Unrest overview

5. Argentina declares default on public debt

   Dec 23, 2001Labels: Sovereign default, Argentina

   • CRS report
   • IMF overview

6. Congress passes Public Emergency and FX reform law

   Jan 6, 2002Labels: Law 25, Public Emergency

   • Economy ministry

7. Decree sets official rate at 1.40 pesos per dollar

   Jan 10, 2002Labels: Decree 2002, Official rate

   • Decree 71
   • El Pa s

8. “Pesificación” converts many dollar contracts into pesos

   Feb 3, 2002Labels: Pesificaci n, Dollar contracts

   • Taipei Times
   • SEC filing

9. Government creates a single free-floating FX market (MULC)

   Feb 8, 2002Labels: MULC, Foreign exchange

   • SEC filing

10. Government lifts the corralito as deposits are released

    Dec 2, 2002Labels: Corralito lift, Deposits release

    • Corralito overview

11. Inflation surges during the first year of the float

    Dec 31, 2002Labels: Inflation 2002, Consumer prices

    • CPI table
    • SEC filing

12. IMF program frames recovery under a flexible exchange rate

    Sep 10, 2003Labels: IMF program, Flexible exchange

    • IMF LOI

13. Debt exchange closes, restructuring defaulted bonds

    Jun 2, 2005Labels: 2005 debt, Bond restructuring

    • CRS report
    • Oxford Analytica