Chronology: Road to Ruin
APRIL 1 At the instigation of Economy Minister Domingo Cavallo, Argentina adopts the convertibility system, which rigidly fixes the exchange rate at 1 peso = $1.
Inflation subsides, reaching negligible levels by mid-decade. Economic growth soars as the government embarks on a program of deregulating the economy, lowering trade barriers, and privatizing state owned enterprises.
Argentine financial markets are battered by the Mexican peso crisis and the economy falls into a brief recession.
The economy rebounds, and money pours in from abroad.
JULY Roque ...