Argentinean President Menem speaking at the Washington Press Club on September 27, 1989

A Broken Economy

International credit organizations cut off Argentina's financing, which unleashes a run against the peso. In May, the Peronist candidate Carlos Menem is elected president. Hyperinflation devalues salaries and supermarkets are ransacked for food in several parts of the country; widescale protests and strikes over hyperinflation of food prices spread from Rosario to Buenos Aires in May and June. Police began opening fire, and from 14-20 were killed. President Raul Alfonsín resigned, and President-elect Carlos Menem took office early.