Timeline of Selected Events,
Domingo Cavallo takes office as Minister of Economy.
An exchange rate band is established, with the lower band of 10,000 australes and the upper band of 8,000 australes
to the dollar.
Argentina, Brazil, Paraguay, and Uruguay sign treaty establishing Mercado Común del Sur (MERCOSUR).
The Convertibility Law is approved by Congress.
The Convertibility Law takes effect, with the parity of 10,000 australes per dollar.
IMF Executive Board approves Stand-By Arrangement with Argentina.
President Carlos Menem announces a broad program of economic deregulation and trade liberalization.
The Employment Law is approved by Congress, authorizing temporary contracts and capping indemnity.
The peso replaces the austral at the conversion rate of 10,000 australes per peso.
IMF Board approves extended arrangement with Argentina.
Port services are privatized by decree.
The new Central Bank Law is approved by Congress, establishing independence and mandating price stability as its
Sale of State Oil Company (YPF) is authorized by law.
First general strike is organized by labor unions against President Menem.
An agreement is reached with creditor banks.
Argentina enters the Brady Plan. The IMF Managing Director congratulates Argentina on the agreement.
Use of dollars for current and checking accounts is authorized.
Last day to exchange australes for new pesos.
The Radical party, labor unions, and retirees demonstrate in protest of the pension reform.
Peronist governors approve the constitutional reform, allowing a second presidential term.
Senate approves the pension reform law.
Lower House elections. Peronists increase seats in Congress.
Olivos Pact: Carlos Menem of the Peronist party and Raúl Alfonsín of the Radical party reach agreement on the
framework for constitutional reform