The Legislative Assembly then selected Mr. Eduardo Duhalde, the former Vice-President and Governor of Buenos Aires Province as the new President to govern the country for a period of 2 years until holding new presidentual elections. He took office the 2nd. of January 2002.
President Eduardo Duhalde's election comes in one of the most difficult periods in the Argentinean history. But, positively reaffirms the desire of Argentineans to live in a democratic society.
President Eduardo Duhalde's first step after taking office was to devaluate the Peso against the U.S. Dollar in 30 % finishing with ten years of the "Convertibility Plan".
During the period of Eduardo Duhalde as president the countries economy was stabilized. President elections took place in April 2003. None of the 18 candidates got enough votes to be elected. Therefore former president Carlos Menem and Mr. Nestor Kirchner went through to the second round as they got 24% and 22% of the votes.
The second round was not needed as Mr. Menem resigned to participated as all the polls shown that Mr. Kirchner would won by more than 40%.
Mr. Kirchner took office as Argentina's new president 25th. May 2003. Consolidating democracy and starting a new era for the country.
Kirchner has vowed to aggressively reform the courts, police, and armed services and to prosecute perpetrators of the dirty war. Argentina's economy has been rebounding since its near collapse in 2001, with an impressive growth rate of about 8% since Kirchner took office. In March 2005, Kirchner announced that the country's debt had been successfully restructured. In Jan. 2006, Argentina paid off its remaining multi-million IMF debt early, a dramatic move that not all economists thought was beneficial.