VII. The Contemporary Period, 1945–2000 > D. Latin America, 1945–2000 > 2. South America, 1945–2000 > a. Argentina > 1989, May 14
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  The Encyclopedia of World History.  2001.
 
 
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
 
 
 
The Encyclopedia of World History, Sixth edition. Peter N. Stearns, general editor. Copyright © 2001 by Houghton Mifflin Company. Maps by Mary Reilly, copyright © 2001 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved.

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