the UCR) the third seat; Menem, in return, secured his right to run for reelection. Both men faced dissension in their parties' ranks after the 1994 reform of the Argentine Constitution was unveiled in August. Alfonsín's candidate in the UCR primaries, Río Negro Province Governor Horacio Massaccesi, defeated Federico Storani and Rodolfo Terragno for the nomination over their opposition to the Olivos Pact. Menem, in turn, had lost a number of Congressmen from his party after Carlos Álvarez led a center-left splinter group in revolt over Menem's privatizations and unchecked corruption. His Frente Grande had become influential after merging with fellow ex-Peronist José Octavio Bordón in 1994, ahead of the May 14, 1995, election date. Bordón, a popular Mendoza Province Senator was a centrist who also lent the leftist Álvarez, whose strength was in Buenos Aires, appeal in Argentina's hinterland (which had benefited least from the 1991-94 boom). They combined forces to create the FREPASO, adding Argentina's struggling Socialists. The new constitutional rules governing elections provided opportunities for parties stuck in 2nd or 3rd place in the polls, as the Frepaso and UCR were, respectively. Bypassing the previous electoral college system, a victory by direct proportional voting could be achieved by either through a run-off election (in case no candidate obtained a clear majority). The Justicialists enjoyed a clear advantage, given polls and their control of both chambers of Congress; but cracks began to develop as 1994 drew to a close. Local prosperity, the guarantor of Menem's presumptive victory, was shaken by the Mexican peso crisis in December. Dependent on foreign investment to maintain its central bank reserves (which fell by US$6 billion in days), its sudden scarcity led to a wave of capital flight out of Buenos Aires' growing banks and to an unforeseen recession. Concurrent revelations of gross corruption surrounding the purchase of IBM computers for the antiquated National Bank of Argentina (the nation's largest), further added to the opposition's hopes that a runoff might still be needed in May. Between them, the Frepaso enjoyed the advantage. Sporting charismatic leadership, they hoped to displace the UCR (Argentina's oldest existing party) from its role as the Peronists' chief opposition. The UCR had been badly tarnished by President Raúl Alfonsín's chaotic 1983-89 term, though its candidate, Río Negro Province Governor Horacio Massaccesi, had earned international renown in 1991 for storming a local National Bank branch in search of needed funds