International Encyclopedia of Revolution and Protest

Extract

The popular rebellion that began in Argentina on December 19 and 20, 2001, often referred to as the “19th and 20th,” was a break in Argentine history. It was a moment when millions spontaneously took to the streets across Argentina and, without leaders or hierarchical orders, forced the government to resign. Through continuous mobilizations, the people proceeded to expel four more governments in less than two weeks. The initial catalyst of the mobilizations was the government's freeze on personal bank accounts and the conversion of currency, once pegged to the dollar, into a financial asset that would be held by the banks and used to secure payments to foreign investors, but could not be accessed by those who had deposited the money. Though this move on the part of the government instigated the popular unrest, public contempt for Argentine economic policy was longstanding. The government of Argentina had taken out huge loans with the International Monetary Fund (IMF) in the 1990s, and in the late 1990s began to repay these loans through privatization and severe austerity measures. Thousands of people were laid off, wages and pensions were cut, and social services degraded. These measures emanated from the IMF as part of the contract for yet another multibillion dollar loan. As with most of Latin America – and the world – the results were disastrous for the majority of people. ... log in or subscribe to read full text