In early 1995 Argentina was severely affected by the collapse of the Mexican peso. Although the economic situations of these two countries were substantially different, investors also noted some similarities: Argentina's foreign debt and foreign reserves situations have made it difficult for the nation to maintain currency convertibility, economic growth, and stabitity-keystones to its economic recovery. 

Towards the end of 2001, Argentina faced grave economic problems. The IMF pressed Argentina to service its external debt, effectively forcing Argentina to devalue the Argentine peso, which had been pegged to the U.S. dollar. On November 1, 2001, as people's fears that the peso would be devalued caused massive withdrawal of bank deposits and capital flight, de la Rúa's Minister of Economy Domingo Cavallo passed regulations severely limiting withdrawals, effectively freezing the peso-denominated assets of the Argentine middle class, while the dollar-denominated foreign accounts of the wealthy were shielded from devaluation.

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