Concept in Definition ABC

A corralito is the term that historically was used to designate that small place closed with nets or meshes, which act as walls, and soft ground, and in which the children are placed. kids who are not yet walking or cannot walk alone.

Now, a few years ago, this term was captured and popularized not pleasantly in the Argentine Republic, in December 2001, to refer to an economic measure adopted by the administration of President Fernando De la Rúa and that it consisted of the restriction to freely dispose of cash, whether pesos or dollars, which were deposited in banks in fixed-term formats, savings accounts or accounts currents.

It ends in a tremendous economic, social and political crisis for which President De la Rúa resigns

The establishment of the corralito on December 3, 2001 by the then Minister of economy Domingo Cavallo had the mission to prevent the wave of money flight from the banks that was looming and the fall of the Finance system.

Although Cavallo's proposal sought to avoid the aforementioned scenario and promote greater banking, which also avoid evasion, the measure ended up causing a tremendous economic crisis in the country that added to social instability and

politics that the government de la Rúa, which as we know ended abruptly, dismissing the post of president towards the end of December 2001.

Los cacerolazos: Demonstrations by savers

The popular discontent and anger that the restrictive measure unleashed led savers to massively pour into the streets of the country in demand of their savings that they had obtained and deposited rightfully. The feeling of fraud was such that the popular demonstrations extended for several days, throughout the country, and were characterized by the use of saucepans that the protesters made sound while demonstrating in the Plaza de Congreso or Plaza de Mayo, between other

Most of the savers presented resources of amparos before the Justice to obtain the return of their savings, however, the devaluation and pesification driven by the interim president Eduardo Duhalde made it difficult for savers to obtain the dollars they had deposited.
In December 2002, a year later, the corralito was released.

As a consequence of the popularity that the denomination of this measure reached so singular and unprecedented is that the concept was later transferred to other countries that had to take the same measure, one of the last cases has been that of Greece.

Photos: iStock - urfinguss / bestdesigns

Themes in Corralito