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. (The freezing of the bank accounts was informally named corralito.).
The overall economy declined drastically during December 2001. The resulting riots led to dozens of deaths. The Minister of Economy Domingo Cavallo resigned, but that did not prevent the collapse of De la Rúa's administration. On December 20 de la Rúa also resigned, but the political crisis was extremely serious, as a result of the previous resignation of the vice-president Carlos Chacho Álvarez in 2000. The president of the Senate became interim president until the National Congress elected, two days later, Adolfo Rodríguez Saá to finish De la Rúa's term. But Rodríguez Saá resigned a week later on December 31, leaving the power to the president of the Chamber of Deputies (as the Senate was undergoing their annual renovation of its president) as interim.
Finally, on January 2, 2002, the National Congress elected the Peronist Eduardo Duhalde, a losing candidate in the most recent presidential election, as president. The peso was first devalued by 29%, and then the dollar peg was abandoned; by July 2002, the national currency had depreciated to one-quarter of its former value.