Menem PJ first term — Convertibility launch, privatisation, Pacto de Olivos

Doctrine — stated goals and content

Peronist volte-face into Washington-Consensus shock therapy under hyperinflation pressure. Five doctrinal pillars: (a) Convertibility Plan — Ley 23.928 of 27 March 1991 pegged 1 austral/peso to 1 US dollar, prohibited monetary financing of the fiscal deficit, and required 100% reserve backing; monthly inflation 196% (March 1990) → <1% (1995). (b) Reform of the State Law 23.696 (1989) and Economic Emergency Law 23.697 (1989) enabled mass privatisation: ENTel (telecoms, 1990), Aerolíneas, YPF (1993 IPO), Gas del Estado, Segba, state railways; over 60 major enterprises privatised, generating $18B proceeds. (c) Pacto de Olivos (November 1993) with Alfonsín — constitutional reform 1994 allowing presidential re-election for one further term (enabling Menem 1995-99); reduced term from 6 to 4 years. (d) External integration — Mercosur co-founder (Treaty of Asunción 1991); Brady Plan debt restructuring 1993. (e) Pardons (Indultos, 1989 and 1990) to ~277 military officers and Montoneros leaders ended Alfonsín's accountability path. Stated school: Chicago-monetarism + Washington Consensus + Peronist mobilisation-capacity. Left-right: economic right; populist-Peronist in style; socially conservative-Catholic. Popularity: May 1989 runoff 47.5% vs UCR's Angeloz 32.5% in hyperinflation-forced early transfer; after convertibility, midterms 1991 PJ 40.2%, 1993 PJ 42.3%; May 1995 re-elected first-round 49.9% vs FREPASO's Bordón 29.3%. Coherence: trade Peronist statist economic tradition, accountability path, and monetary sovereignty for hyperinflation-ending currency board, state-enterprise sale proceeds, and constitutional re-electability.