Sumary of Former Argentine Economy Minister Sourrouille dies at age 80:
- Former Argentine Economy Minister Sourrouille dies at age 80 Thursday, July 22nd 2021 – 09:00 UTC Full article Since his resignation on March 31, 1989, Sourrouille withdrew from public life Former Argentine Economy Minister Juan Vital Sourrouille (1985-1989) has died because of colon cancer at the age of 80, it was reported.
- Sourrouille served under President Raúl Alfonsín and masterminded the preparation of the short-lived Austral Plan, a revolutionary program to cut down inflation which involved changing the country’s currency from pesos to australes.
- With the Austral Plan, three zeros were removed from the currency (Argentine Pesos) and a new monetary sign called Austral was created, together with a de-indexation of all contracts.
- After months of crisis, Sourrouille managed to partially stabilize the economy, through the so-called Spring Plan, but by February 3, 1989, electricity shortages and a steep devaluation prompted his resignation which only heralded that of Alfonsín in early July that year, just months before the end of his term in December.
- The country’s historic hyperinflation and unrest led most political forces to bring forward the inauguration of then President-elect Carlos Menem.
- Since his resignation on March 31, 1989, Sourrouille withdrew from public life.
- Alfonsín’s collapse was also that of his Unión Cívica Radical (UCR) party which has managed to reach the president twice since then but only as a small part within greater coalitions.