@article {63706, title = {Argentina Weathers the Storm}, year = {2003}, note = {}, month = {Oct 1, 2003}, abstract = {The events of December 2001 seemed to transform Argentina?s international status from poster child to basket case. Throughout the 1990s, Argentina had been widely hailed as a case of successful market reform under democratic government. The radical economic transformation undertaken by the government of Carlos Sa{\'u}l Menem had ended hyperinflation and restored economic growth, while the country enjoyed an unprecedented degree of democratic stability. Elections were free; civil liberties were broadly protected; and the armed forces, which had toped six civilian governments since 1930, largely disappeared from the political scene. Yet in late 2001, Argentina suffered an extraordinary economic and political meltdown. A prolonged recession and a severe financial crisis culminated in a debt default, a chaotic devaluation, and a descent into the deepest depression in Argentine history. A massive wave of riots and protests triggered a strong of presidential resignations, plunging the country into a profound crisis. For several months, Argentina teetered on the brink of anarchy. Widespread hostility toward the political elite raised the specter of a Peru{\'u} or Venezuela{\'u}style party{\'u}system collapse. As the 2003 presidential election approached, many observers feared that the vote would be marred by violence or fraud. Published in Journal of Democracy 14, no. 4 (October 2003): 152-166.}, author = {Levitsky, Steven} }