Argentina's many years of military dictatorship (alternating with weak, short-lived democratic governments) had already caused significant economic problems prior to the 2001 crisis, particularly during the self-styled National Reorganization Process in power from 1976 to 1983.
Confidence in the plan, however, collapsed in late 1987, and inflation, which had already averaged 10% per month (220% a year) from 1975 to 1988, spiraled out of control.