World Crisis Chronology
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ARGENTINA

12/11/2023
Milei is inaugurated, warning of painful economic future, although he has moderated some of his policy pronouncements after election. Initial steps include a 50% devaluation of the peso against the dollar and domestic expenditure budget cuts of about 3%. Prices rise quickly up to 100%.


11/19/2023
Milei elected president
Milei wins 55% of the vote with most of the votes counted. Massa concedes.
10/23/2023
In another surprise, Macri wins 36% of the vote and leads Milei, who won only 30% and Bullrich 23%. They will face each other in a run-off on 11/19. Though inflation has reached 140%, economy minister Macri gave out welfare checks and bonuses and eliminated income taxes for 99% of the population.
09/11/2023
Inflation expected to reach near 12% for the month of August, fueling the candidacy of Milei.
08/24/2023
At BRICS summit meeting, the group invites six countries to become members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE.
08/13/2023
In a surprise, open presidential primary leader is populist far-right candidate Javier Milei, who won almost 30% of the vote. Economist and legislator Milei founded the Libertad Avanza (Liberty Advances) party in 2021 in opposition to the political caste of Argentine politics. He has proposed making the US dollar the national currency, abolishing the central bank, slashing taxes, reducing government, and other fundamental changes to health care and education. Patricia Bullrich, the presidential candidate of the right-liberal opposition alliance "Juntos por el Cambio" (Together for Change) and leader of the party of former president Mauricio Macri, won almost 17% of the vote. She opposes dollarization, but has advocated some positions similar to Milei’s. The other "Juntos por el Cambio" candidate, Horacio Larreta, won 11%, bringing the party's total share of the vote to around 28%. Left-wing Sergio Massa of the government alliance "Union por la Patria" (Union for the Homeland) — has set himself up as the opponent of the economically liberal section of the political landscape. Many see Union por la Patria, whose two candidates won about 27% of the vote, as the big loser in these primaries. Milei, Bullrich, and Massa will be the candidates in the final round of the presidential election in October.
05/15/2023
Central bank raises a basic interest rate to 97% to combat inflation, currently running at 109%. The government reportedly intends to announce a series of new measures to reduce inflation this week. Elections are scheduled for 10/22, though President Fernandez has announced that he will not run for reelection. That makes Economic Minister Sergio Massa a likely candidate. The peso is plunging having lost 20% of its value against the dollar in April alone, and the cost of living has risen 31% this year. In 2022, 39% of the population was living in poverty. A severe drought has hurt the agriculture sector badly.
01/12/2023
Inflation hits nearly 95% for 2022, the highest in 30 years.
12/26/2022
Fernandez accepts the ruling, although he calls it unfair.
12/23/2022
Fernandez rejects a supreme court ruling requiring that Buenos Aires receive a larger portion of state funds.
12/06/2022
Court convicts Cristina Fernandez de Kirchner of corruption and sentences her to six years in prison and disqualification from holding office. She says the charges are political and will appeal them. However, she will be put in jail during the appeal process.
09/02/2022
Assassination attempt on de Kirchner fails when the would-be assassin’s gun jams.
08/23/2022
Prosecutors seek a twelve-year prison sentence against de Kirchner for corruption.
04/23/2022
Protests against the government’s tax policy by agriculturalists. According to one estimate, the government takes more than 60% of their incomes in taxes and export duties.
04/19/2022
Javier Milei, an eccentric economist and libertarian who auctions off his paycheck every month, is currently leading in polls for the presidential election of 2023.
01/31/2022
World Meteorological Organization records two new lightning flash records: the longest flash – 477 miles (768 km), over the southern United States, and the longest duration – 17.1 seconds, over Uruguay and northern Argentina.
01/11/2022
With temperatures well above 100° F, Argentina is the hottest place on earth. Thousands are without power.
12/02/2021
Former president Macri charged with spying on and intimidating families of sailors who drowned in an accident in 2017.
11/15/2021
With nearly all votes counted, the governing coalition loses control of both the Chamber of Deputies and the Senate. It the first time since the return to democracy in 1983 that the Peronists have not had a majority in either house.
11/08/2021
With parliamentary elections on 11/14, the ruling coalition foresees heavy losses. Inflation remains high despite caps on many goods, and a default on the IMF loan coming due in 2022 seems possible, which could lead to a run on banks.
08/09/2021
Nicaragua recalls its ambassadors to Argentina, Colombia, Costa Rica, and Mexico for “consultations,” after these countries recall their ambassadors following the anti-democratic behavior of the Nicaraguan government.
08/06/2021
Government eases COVID-19 restrictions after weeks of falling infections. However, there is still widespread dissatisfaction over the economic conditions.
05/18/2021
Government bans export of beef for 30 days in an effort to lower its cost domestically.
04/30/2021
COVID-19 ravaging South America, in part due to massive outbreak of variant and ineffective response to it in Brazil. Argentina, Brazil, Colombia, and Peru all record highest death toll.
02/19/2021
Health minister is forced to resign in corruption scandal.
11/18/2020
Lower house of the legislature approves two percent tax on wealthy individuals. The Senate must also approve it.
10/13/2020
Mass protests against the government. Argentina has more than 900,000 cases and 24,500 deaths. In addition to a week economy and the poor handling of he COVID-19 pandemic, the protests are spurred by suspicions that Christina de Kirchner intends to use the pandemic to manipulate the judiciary to stop prosecutions of herself and her family for corruption.
10/10/2020
Fernandez extends the “preventive measures” for another two weeks.


08/31/2020
Government reschedules debt
Argentina signs a deal to restructure $65 billion in debt with its creditors to avoid a default.
08/15/2020
Government approves a restructuring of debt that will be submitted to the US Securities and Exchange Commission.
08/04/2020
Argentina says it has reached an agreement to restructure its debt in which its defaulted bonds will be replaced with new bonds at 55% of the original amount.
05/22/2020
Argentina misses a payment on its debt, but negotiations on restructuring are continuing and the participants say there is a possibility of agreement.
05/08/2020
Government insisting on debt relief with its international creditors by today or it will default on the debt. It is attempting to restructure $65 billion in Argentine bonds. They are asking: no payment to creditors for three years, until 2023; a 62 percent reduction in interest payments, which would reduce what the country owes by $38bn; and a 5.4 percent cut to the principal payment, representing another $3.6bn in savings for Argentina.
03/03/2020
Argentina confirms its first case of COVID-19.
02/08/2020
De Kirchner says it will not pay back its debt to the IMF until the recession passes.
12/23/2019
Legislation authorizing new economic package becomes law. It will increase taxes on the wealthy and provide tax relief for the very poor. It imposes a 30% tax on foreign currency and maintains the currency cap instituted by Macri. About 40% of the population is in poverty and inflation is high. The law also allows Fernandez to renegotiate foreign debt, which is nearly 90% of GDP.
12/02/2019
US imposes tariffs on meat on Brazil and Argentina.


10/27/2019
Fernandez wins presidency
Alberto Fernandez wins presidency with nearly 48% of the vote to Macri’s 42%.
10/23/2019
Macri and his Together for Change coalition is thought to have little chance to win 10/27 election over Alberto Fernandez of the Justicialist Party, whose vice-presidential candidate is Cristina Kirchner. Together for Change vice-presidential candidate Miguel Pichetto asserts there is a “destabilization plan in Latin America” engineered by Venezuela and Cuba.
10/11/2019
Argentina cuts diplomatic relations with the Maduro government in Venezuela and says it will only recognize the Guaido government.
09/22/2019
Argentina accuses Venezuela of "crimes against humanity" and "torture and murder" after receiving reports from Venezuelan refugees in the country. Argentina will file a formal accusation against Venezuela before the International Court of Justice.
09/04/2019
Protests against Macri’s austerity measures. While the peso has stabilized, the economic outlook remains poor and inflation has increased.
09/02/2019
Argentine peso rallies after announcement of currency controls.
09/01/2019
Government imposes capital controls to restrain foreign currency drain
08/28/2019
Government asks the IMF to restructure last year’s $56 billion loan and push back payments that are due from 2021.
08/17/2019
Economy minister resigns and Fitch downgrades Argentine debt.
08/12/2019
Stocks slump in the wake of the primary results. Investors fear a return of the Peronist agenda of protectionism and government control of the currency and perhaps an easing of the austerity measures instituted by the IMF. Macri points to the consequence as a reason to vote for him in October.
08/11/2019
In primary elections, Macri’s party is soundly beaten by the Peronists (a coalition called Frente de Todos), led by Alberto Fernández with Christina Fernández de Kirchner. Fernández’s coalition (Republican Proposal (PRO)) won 47.7% of the vote and Macri’s coalition 32%. Austerity measures said to have played a large role in the vote. Although a primary, all voters may vote for any candidate. It was instituted to cut down on the number of candidates. The election will be held 10/27.
06/16/2019
Power is lost in all of Argentina and parts of Uruguay and Paraguay. It is mostly restored by the end of the day.
05/29/2019
One-day strike to protest austerity halts transportation.
09/26/2018
Argentina, Colombia, Chile, Peru and Paraguay, joined by Canada, submit a complaint against Venezuela with the International Criminal Court for crimes against humanity.
09/25/2018
Protests against austerity moves for IMF loan. A general strike is planned.
09/03/2018
Macri announces a series of austerity measures, including eliminating half of the government ministries and increasing export tariffs. The government will meet with the IMF on 9/4.
08/30/2018
IMF agrees to revise financial agreement with Argentina to make it less burdensome.
08/29/2018
Argentina raises interest rates to 60%, highest in the world, as the peso has fallen 45% and inflation is at 25%, and there are fears it will not be able to meet its interest payments on the $50 billion loan from the IMF.
08/23/2018
Argentine security forces raid homes of Christina Fernandez as part of the corruption investigation.
06/25/2018
Union strikes bring country to a standstill. The General Confederation of Workers is demanding a 30% increase, in line with inflation.
06/07/2018
IMF and Argentina agree on a $50 billion loan, the largest ever given to a nation, for the country to stem the drop in the peso.
12/26/2017
Alberto Nisman’s death is ruled murder.
12/07/2017
Argentine court issues an arrest warrant for former Pres. Christina de Kirchner for covering up facts in the 1994 bombing, a treason charge, and requests lifting her immunity from detention. Argentine senators are protected from prosecution but not detention, and de Kirchner is to begin a term as senator on 12/10. The Senate must approve the judge’s request by a two-thirds majority, which is possible in its current alignment.
11/03/2017
Former de Kirchner minister Amado Boudou is arrested in corruption investigation.