If you don't cry, you don't get fed,
and if you don't steal, you're an idiot.
—Argentine tango composer Enrique Santos Discepolo, “Cambalache” (“Junk Shop”), circa 1935
A Muslim who converted to Catholicism as a young adult, Menem led the Peronists to power on a campaign strongly critical of the IMF. In what seemed an echo of the nationalistic regime of Juan Domingo Perón in the 1950s, Menem also promised to revolutionize Argentine industry, and with it, Argentine society. But once in power, Menem's main economic legacy was his sale of cumbersome government-owned enterprises at bargain prices. Despite the influx of fresh capital from those sales, the government failed to initiate badly needed infrastructure projects. Instead of the industrial “revolution” Menem promised, Argentina got such a severe liberalization of import barriers that those industries that remained intact began tottering during his term.
Menem was only recently released from jail, held on charges that he profited from arms smuggling to Croatia during the 1999 war in the Balkans. Before leaving office two years ago, he spent considerable sums attempting to get re-elected. During his last year in power, the Argentine economy was already slipping into recession. To deal with the economic downturn he advocated—and continues to advocate—dollarizing the country’s economy.
To keep the Peronists from winning yet another term in office, Fernando de la Rúa patched together a coalition of centrist and left-wing parties and campaigned on promises to rid the government of corruption. But De la Rúa quickly ran into trouble. Multi-million dollar interest payments on Argentina's debt were coming due. Brazil, Argentina's largest trade partner, devalued its currency. There were few state-owned enterprizes left to sell. The coalition began to crumble.
http://www.worldpress.org/Americas/180.cfm