al ▁assistance ▁package ▁organized ▁by ▁IM F . ▁The ▁une ven ▁implementation ▁of ▁fis cal ▁adjust ments ▁and ▁re forms , ▁a ▁w ors ening ▁global ▁macro e conom ic ▁environment , ▁and ▁political ▁inst ability ▁led ▁to ▁the ▁complete ▁loss ▁of ▁market ▁access ▁and ▁intens ified ▁capital ▁flight ▁by ▁the ▁second ▁quarter ▁of ▁ 2 0 0 1 . ▁Argent ine ▁deb t , ▁held ▁mostly ▁in ▁b onds , ▁was ▁mass ively ▁sold ▁short ▁and ▁the ▁government ▁found ▁itself ▁unable ▁to ▁borrow ▁or ▁meet ▁deb t ▁pay ments . ▁ ▁In ▁December ▁ 2 0 0 1 , ▁a ▁series ▁of ▁depos it ▁runs ▁began ▁to ▁have ▁a ▁severe ▁impact ▁on ▁the ▁health ▁of ▁the ▁bank ing ▁system , ▁leading ▁the ▁Argent ine ▁authorities ▁to ▁imp ose ▁a ▁partial ▁depos it ▁free ze . ▁With ▁Argentina ▁no ▁longer ▁in ▁comp liance ▁with ▁the ▁conditions ▁of ▁the ▁expanded ▁IM F - supported ▁program , ▁the ▁IM F ▁decided ▁to ▁susp end ▁dis b urs ements . ▁At ▁the ▁end ▁of ▁December , ▁in ▁a ▁climate ▁of ▁severe ▁political ▁and ▁social ▁un rest , ▁the ▁country ▁partially ▁default ed ▁on ▁its ▁international ▁oblig ations ; ▁in ▁January ▁ 2 0 0 2 , ▁it ▁formally ▁abandoned ▁the ▁convert ibility ▁regime . ▁ ▁The ▁en su ing ▁economic ▁and ▁political ▁crisis ▁was ▁arg u ably ▁the ▁worst ▁since ▁the ▁country ' s ▁independence . ▁By ▁the ▁end ▁of ▁ 2 0 0 2 , ▁the ▁economy ▁had ▁contract ed ▁by ▁ 2 0 %