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Under President Alfonsín, Argentina restored its democratic institutions. The country reorganized the armed forces and even charged former military leaders with human-rights abuses. The radical Alfonsín continued Argentina's protectionist trade policies, however, exacerbating Argentina's economic crisis. In 1989, it fell to Alfonsín's Peronist successor to fix the economy, which he and his finance minister, economist Domingo Cavallo, did in one remarkable six-year term. In his second term, however, Menem let up on his austerity reforms and -- after a falling out in 1996 -- Cavallo resigned. In 1999, when Fernando de la Rua replaced Menem, the economy had already entered recession, a plunge that Cavallo's 2001 return as finance minister failed to stop. Eduardo Duhalde, who ultimately replaced de la Rua upon the latter's resignation this year, has failed to reverse the economic crisis. As of July 2002, with half of all Argentines below the poverty line and nearly one-quarter without jobs, popular discontent with elected officials continues to grow.
photo: REUTERS/HO em ARGENTINA
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Carlos Menem and successor de la Rua in 2001
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