33 Facts About Domingo Cavallo

Domingo Felipe Cavallo was born on July 21,1946 and is an Argentine economist and politician.

Domingo Cavallo is known for implementing the convertibility plan, which established a pseudo-currency board with the United States dollar and allowed the dollar to be used for legal contracts.

Domingo Cavallo implemented pro-market reforms which included privatizations of state enterprises.

Domingo Cavallo received five Honoris Causa doctorates from Genoa, Turin, Bologna, Ben-Gurion and Paris Pantheon-Sorbonne universities.

Domingo Cavallo was professor at the National and Catholic Universities of Cordoba, and at New York, Harvard, and Yale universities.

Domingo Cavallo was born in San Francisco, Cordoba Province to Florencia and Felipe Domingo Cavallo, Italian Argentine immigrants from the Piedmont Region.

Domingo Cavallo graduated with honors in Accounting and Economics at the National University of Cordoba, where he earned his doctorate in economics in 1970.

Domingo Cavallo married the former Sonia Abrazian in 1968, and had three children.

Domingo Cavallo taught at the National University of Cordoba, the Catholic University of Cordoba, and New York University.

In July 1982, after the Falklands War fiasco brought more moderate leadership to the military dictatorship, Domingo Cavallo was appointed president of the Central Bank.

Domingo Cavallo inherited the country's most acute financial and economic crisis since 1930, and a particularly heinous Central Bank regulation painfully remembered as the Central Bank Circular 1050.

Domingo Cavallo immediately rescinded the hated Circular 1050 and as a result, saved millions of homeowners and small-business owners from financial ruin.

Domingo Cavallo inherited this practice from Martinez de Hoz himself.

Domingo Cavallo acted as Undersecretary of Development of the provincial government, director and vice chairman of the board of the Provincial Bank and Undersecretary of Interior of the national government.

Domingo Cavallo was appointed in 1991, and deepened the liberalization of the economy.

Domingo Cavallo reformed the State and recreated a market economy based on a reduction in public spending and the fiscal deficit.

Domingo Cavallo reformed the tax policy to simplify taxes and reduce non-social government spending, and reached an agreement with the International Monetary Fund to achieve the path towards adherence to a Brady Plan a plan about the debt restructuring.

Domingo Cavallo was the ideologist behind the Convertibility Plan, which created a currency board that fixed the dollar-peso exchange rate at 1 peso per US dollar; he signed his plan into law on April 1,1991.

The stability Domingo Cavallo's plan helped bring about opened prospects for more privatizations than ever.

In mid-1995, Domingo Cavallo denounced the existence of presumed "mafias" entrenched within the circles of power.

In 1996, shortly after Menem's reelection, the flux of money from privatisation ceased, and Domingo Cavallo was ousted from the cabinet, due to his volatile personality and fights with other cabinet members, coupled with staggering unemployment and social unrest caused by his economic policies and the Mexican crisis.

Domingo Cavallo founded a political party, Action for the Republic, which allowed him to return to Congress since 1997, this time as a National Deputy for the City of Buenos Aires.

Domingo Cavallo ran for president in 1999, but was defeated by Fernando de la Rua.

Domingo Cavallo ran for Mayor of Buenos Aires in 2000, got second place and lost to Anibal Ibarra.

Domingo Cavallo was called by President de la Rua in March 2001 to lead the economy , in the face of a weakened coalition government and two years of recession.

Domingo Cavallo attempted to restore business confidence by renegotiating the external debt with the International Monetary Fund and with bondholders, but the growing country risk and spiraling put options by large investors and foreign holdings led to a bank run and a massive capital flight.

In late November 2001, Domingo Cavallo introduced a set of measures that blocked the usage of cash, informally known as the corralito.

Domingo Cavallo's policies are viewed by opponents as major causes of the deindustrialization and the rise of unemployment, poverty and crime endured by Argentina in the late 1990s, as well as the collapse of 2001, the ensuing default of the Argentine public debt.

Between April and June 2002, Domingo Cavallo was jailed for alleged participation in illegal weapons sales during the Menem administration.

Domingo Cavallo was exonerated of all charges related to this scandal in 2005.

Domingo Cavallo served as the Robert Kennedy Visiting Professor in Latin American Studies in the department of economics at Harvard University from 2003 to 2004.

Domingo Cavallo has continued to serve as a member of the influential Washington-based financial advisory body, the Group of Thirty.

Domingo Cavallo returned to Cordoba Province in 2013 to run for Chamber of Deputies under the Es Posible ticket, led by center-right Peronist Alberto Rodriguez Saa.