Duhalde maneuvers to form an opposition and meets with the IMF in hopes of having his moment. De la Rúa continues to back Cavallo, resisting calls from his chief of cabinet and former president Alfonsín. A government measure intended to prevent capital flight sets Argentina on a course for economic collapse.

The president's declaration fails to quell the unrest as people from all walks of life take to the streets in protest and unite with demands for the government’s removal. Meanwhile, internal negotiations go on through the night of December 19, and a chorus calling for Cavallo’s resignation begins to grow louder.

The Argentine crisis hits its peak on December 20. Government forces employ violence to repress the protests, after being given the order to clear Plaza de Mayo and indiscriminately detain whomever. Peronism rejects the government’s calls for national unity and the only recourse left for the president is to resign.

Peronism oversees the transition while the president of the Senate assumes the presidency on an interim basis. Behind the scenes, a debate takes place on whether to call early elections. An unprecedented five presidents are sworn in over a period of eleven days. In early 2002, Duhalde makes a bold promise.