Argentines went through a great deal of adversity in their history, especially if you focus on economy and in the pocket. In December 2001, during the presidency of Fernando De La Rua and after a series of measures that worsened the socioeconomic situation, the “2001 crisis“.
Thousands of people they lost their jobs and their economic situation suddenly and greatly worsened, so families and businesses had to rethink expenses and even whether to continue with their own ventures. In the middle of this situation, without a job and without 80% of his savings due to the playpen, Sabrina Castelli decided to turn her life around completely.
Political and economic context of the 2001 Crisis
The 2001 crisis in Argentina was the result of an accumulation of economic problems dating back decades. From the restoration of democracy in 1983the country faced challenges such as external debt, hyperinflation and the 1998 financial crisis. Fernando de la Ruaas a candidate for La Alianza, had assumed the presidency in December 1999 in the midst of a period of recession, partly driven by the Convertibility Lawin force since 1991, which established a fixed parity of the Argentine peso with the US dollar.
Although this economic policy had made it possible to significantly reduce inflation and obtain economic results valued positively by a large part of the population during the first years of the government of Carlos Menemstarting in 1997 its negative aspects began to become increasingly visible. In 2001, the situation worsened with the implementation of the “corralito”“, a measure that restricted the withdrawal of cash from bank accounts, causing great popular discontent.
What happened in 2001 in Argentina
Finally, the government abandoned convertibility and devalued the pesowhich caused strong inflation and losses for many savers. In December 2001, Argentina declared default on its debt, which worsened its reputation in international financial markets. The crisis reached its peak on December 20 at 7:37 p.m.when De la Rúa resigned and left the Casa Rosada by helicopter. During the following twelve days, there was high institutional instability that also led to the resignation of the successor president. Adolfo Rodríguez Saa and three more leaders.
The demonstrations in the streets continued for several months and were organized through popular assemblies in which the protesters debated and made decisions with the intention of holding a political refoundation that would allow greater participation of citizens and control of representatives.
The story of Sabrina Castelli and her entrepreneurship
Sabrina Castellitoday ffounder and CEO of “Financial Woman”, he lived a series of experiences that marked his life and his interest in the world of finance. His story begins with a family tragedy: five years before the 2001 crisis, his father passed away unexpectedly in an accident. At that moment, his life and that of his family changed drastically, since he was the one in charge of the family finances.
In 2001, the “playpen” hit the Castelli’s finances again. The money that Sabrina’s mother had collected from the husband’s life insurance and stored in a fixed term in dollars was trapped in the banking system. This event was a turning point for Sabrina, who decided that she wanted to understand how the financial world worked to prevent her family from facing such a fragile situation again. That’s how he decided to study to be accountant and degree in Administration.
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While he was studying at the University of Buenos AiresSabrina began working as an intern in one of the “Big Four”, working as an auditor for investment banks. In this professional experience, he discovered that there were many people who, unlike his family, had gone through the 2001 crisis. without major financial losses. Most of them were men, senior managerswho had not lost their savings thanks to applying financial diversification strategies.
Seeing this disparity, Sabrina wondered why regular people didn’t have access to that financial knowledge. This questioning was the impetus to investigate and, eventually, create “Financial Woman”, a platform dedicated to educate women in managing their finances and to empower them so they can make informed decisions about their money.
Source: Ambito
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