Domingo Cavallo

Who is Domingo Cavallo?

Domingo Felipe "Mingo" Cavallo is an Argentine economist and politician. He has a long history of public service and is known for implementing the Convertibilidad plan, which fixed the dollar-peso exchange rate at 1:1 between 1991 and 2001, which brought the Argentine inflation rate down from over 1,300% in 1990 to less than 20% in 1992 and nearly zero during the rest of the 1990s. Guided by his politics Argentina entered in one of the most difficult crisis in the history. He is also well known for implementing the corralito, which restrained savers from withdrawing the total amount of their own money from bank accounts, but allowed them to operate bank transactions and was followed by the December 2001 riots and the fall of President Fernando de la Rúa.