| |
| 1989, May 14 |
| |
| After massive monetary devaluations in March and April and amid growing unrest, Peronist Carlos Saúl Menem (b. 1935) was elected president. | 1 |
| |
| May 23–June 2 |
| |
| In the wake of major cuts in social spending and a 12,000 percent inflation rate, food riots broke out across the country. Rioters sacked supermarkets in major cities but usually took only food and not money. | 2 |
| |
| July 8 |
| |
| Pres. Alfonsín stepped down five months early, handing power over to Menem. Pres. Menem, much to the surprise of his followers, initiated a “shock treatment” for the economy, designed to privatize state industries and move the economy toward the free market. He also curbed the right to strike and fired dissident union leaders. | 3 |
| |
| Oct. 7 |
| |
| Calling for national reconciliation, Menem pardoned 277 “dirty war” veterans. | 4 |
| |
| |
