Argentine Documentary 'Diciembre' on 2001 Crisis Premieres Amidst New $20 Billion US Financial Lifeline

The documentary film “Diciembre” (December), helmed by director Lucas Gallo, has secured a spot in the program for the International Documentary Film Festival Amsterdam (IDFA), scheduled to take place from November 13 to 23, 2025. This production, meticulously compiled entirely from archival materials, focuses on the tumultuous events that unfolded in Argentina during the severe economic collapse experienced between late 2001 and early 2002. The timing of the film’s release is notably significant, coinciding with a renewed period of acute financial instability in Argentina, which lends a sharp, contemporary relevance to its historical narrative.

Argentina’s current economic climate is defined by relentless, chronic inflation, which dramatically exceeded 210 percent throughout 2023. This persistent crisis has triggered a decisive response from Washington. In October 2025, the US Treasury Department, led by Secretary Scott Bessent, announced a substantial $20 billion support package designated for Argentina. This critical financial assistance is structured as a currency swap agreement, specifically engineered to stabilize the peso’s exchange rate ahead of the crucial midterm elections slated for October 26. US President Donald Trump has publicly framed this support as a pragmatic necessity for backing a key ideological ally in Latin America.

“Diciembre” specifically concentrates on a turbulent five-week span, running from December 1, 2001, to January 3, 2002, during which the nation saw five different presidents cycle through office as the crisis peaked. The groundwork for the 2001 disaster was laid partly by the rigid currency board system introduced in 1991, which fixed the peso’s value directly to the dollar. This policy severely undermined the competitiveness of Argentine goods. Furthermore, the devaluation of the Brazilian real in 1999 exacerbated the already critical problem of capital flight. The documentary captures the widespread public fury, epitomized by massive street protests under the rallying cry “¡Que se vayan todos!” (They must all leave!), which erupted following the freezing of bank deposits and the non-payment of wages. This overwhelming public pressure ultimately forced the resignation of President Fernando de la Rúa on December 21, 2001.

The devastating events of 2001–2002 serve as a chilling historical precedent, illustrating the potential depth of systemic failure when economic policies unravel. During that period, Argentina's real Gross Domestic Product (GDP) contracted by an alarming 28 percent, and the nation's industrial production plummeted dramatically from $80 billion to just $30 billion. The current $20 billion support package extended by the United States is intended precisely to provide a critical buffer and avert a similar, catastrophic systemic meltdown. It is crucial to remember that the 2001 crisis culminated in what was, at the time, the largest sovereign debt default in global history, with unpaid obligations exceeding $80 billion. This history weighs heavily on current policy decisions.

Today, President Javier Milei is attempting to steer the nation toward recovery through drastic austerity measures, notably including a sharp 30 percent reduction in government spending. These aggressive reforms have, remarkably, already achieved a degree of budget balance. However, they continue to face significant political hurdles and resistance from Congress. This domestic political friction makes external financial assistance, such as the US currency swap, critically important for sustaining the current economic trajectory and maintaining investor confidence. The November 2025 premiere of “Diciembre” in Amsterdam thus acts as a timely and powerful commentary on Argentina's ongoing economic struggles. The film, showcasing visceral scenes of political upheaval and mass protests, underscores the painful cyclical nature of economic hardship and highlights the vital role historical context plays in navigating the present, while crucial US financial aid becomes intrinsically intertwined with the broader goals of macroeconomic stabilization in the region.