a Twitter thread from @redfishstream

1.

On this day in 2001, Argentina's neoliberal government blocked the entire population from accessing their savings. The move sparked a crisis known as "El Corralito" which resulted in the deaths of 39 protesters and the president fleeing the presidential palace in a helicopter. 🧵

2.

El Corralito was a last-ditch attempt to salvage an economy wrecked by a decade of IMF-dictated policies including massive privatization, market deregulation and the pegging of the Argentine peso to the US dollar.

3.

Despite Argentina being hailed by the west as a poster child of market-oriented reforms, by 2001 its debt had ballooned to $128 billion. Unable to service the debt, the government of President Fernando De la Rúa banned the population from withdrawing more than $250 per week.

4.

Unemployment already at 20% went through the roof as the lack of cash meant fewer jobs in the informal sector. Meanwhile, a previously apathetic middle class, now unable to access their savings, joined the working class in the streets and a massive insurrection ensued.

5.

With protests, roadblocks and riots raging across the country under the motto ”let them all go”, De la Rúa declared a state of siege on December 19. Masses of protesters flooded Plaza de Mayo in front of the presidential palace banging pots and pans, protesting the announcement.

6.

The next morning, the government ordered police to vacate the plaza, and a massacre ensued. 5 people were killed and over 220 injured. With clashes still raging outside the palace, De la Rúa resigned and fled the palace in a helicopter.

Read this thread on Twitter