Argentine President Fernando de la Rua resigned on Thursday (December 20th, 2001) as violence engulfed the country.

The widespread riots and looting were in response to more than four years of harsh austerity policies demanded by the IMF to repay the debt.

President de la Rua was only halfway through his four-year term and quit just hours after economy minister Domingo Cavallo.

The resignations mean the country is unlikely to be able make its planned 20 January debt swap.

By swapping out of current bonds and into new low interest bearing loans, the government had hoped to cut its heavy debt servicing payments.