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He defeated the Buenos Aires governor Antonio Cafiero in the primary elections for the 1989 presidential elections, which he won. Hyperinflation and riots forced outgoing president Raúl Alfonsín to resign early, shortening the presidential transition.
He defeated the Buenos Aires governor Antonio Cafiero in the primary elections for the 1989 presidential elections, which he won. Hyperinflation and riots forced outgoing president Raúl Alfonsín to resign early, shortening the presidential transition.


Menem supported the Washington Consensus and tackled inflation with the Convertibility plan in 1991. The plan was complemented by a series of privatizations and was a success. Argentina re-established diplomatic relations with the United Kingdom, suspended since the 1982 Falklands War, and developed special relations with the United States. The country suffered two terrorist attacks during Menem's presidency, both of which were perpetrated by the Lebanese group [[Hezbollah]].
Menem supported the Washington Consensus and tackled inflation with the Convertibility plan in 1991. The plan was complemented by a series of privatizations and was a success. Argentina re-established diplomatic relations with the United Kingdom, suspended since the 1982 Falklands War, and developed special relations with the United States. The country suffered two terrorist attacks during Menem's presidency, both of which were perpetrated by the Lebanese [[Militant Islam]]ic organization [[Hezbollah]].


The Peronist victory in the 1993 midterm elections allowed him to persuade Alfonsín (by then leader of the opposition party UCR) to sign the Pact of Olivos for the 1994 amendment of the Argentine Constitution. This amendment allowed Menem to run for re-election in 1995, which he won. A new economic crisis began, and the opposing parties formed a political coalition winning the 1997 midterm elections and the 1999 presidential election.
The Peronist victory in the 1993 midterm elections allowed him to persuade Alfonsín (by then leader of the opposition party UCR) to sign the Pact of Olivos for the 1994 amendment of the Argentine Constitution. This amendment allowed Menem to run for re-election in 1995, which he won. A new economic crisis began, and the opposing parties formed a political coalition winning the 1997 midterm elections and the 1999 presidential election.