▁since ▁ 1 9 9 8 . ▁Over ▁the ▁course ▁of ▁two ▁years , ▁output ▁fell ▁by ▁more ▁than ▁ 1 5 %, ▁the ▁Argent ine ▁pes o ▁lost ▁three - quarters ▁of ▁its ▁value , ▁and ▁registered ▁un emp loyment ▁exceed ed ▁ 2 5 %. ▁In come ▁pover ty ▁in ▁Argentina ▁grew ▁from ▁an ▁already ▁high ▁ 3 5 . 4 % ▁in ▁October ▁ 2 0 0 1 ▁to ▁a ▁peak ▁of ▁ 5 4 . 3 % ▁in ▁October ▁ 2 0 0 2 . ▁ ▁Crit ics ▁of ▁the ▁policy ▁of ▁economic ▁liberal ization ▁purs ued ▁during ▁the ▁Men em ▁Pres iden cy ▁argued ▁that ▁Argentina ' s ▁economic ▁wo es ▁were ▁caused ▁by ▁ne oli ber al ism , ▁which ▁had ▁been ▁act ively ▁promoted ▁by ▁the ▁U . S . ▁government ▁and ▁the ▁IM F ▁under ▁the ▁Washington ▁Cons ensus . ▁O thers ▁have ▁str essed ▁that ▁the ▁main ▁short coming ▁of ▁economic ▁policy - making ▁during ▁the ▁ 1 9 9 0 s ▁was ▁that ▁economic ▁reform ▁was ▁not ▁purs ued ▁with ▁enough ▁determ ination . ▁A ▁ 2 0 0 4 ▁report ▁by ▁the ▁IM F ' s ▁Independent ▁E valu ation ▁Office ▁critic ised ▁the ▁IM F ' s ▁conduct ▁prior ▁to ▁Argentina ' s ▁economic ▁collapse ▁of ▁ 2 0 0 1 , ▁saying ▁the ▁IM F ▁had ▁supported ▁the ▁country ' s ▁fixed ▁exchange ▁rate ▁for ▁too ▁long , ▁and ▁was ▁too ▁len ient ▁towards ▁fis cal ▁def ic its .