Interest rates rose uncontrollably, and the Central Bank's foreign currency reserves were depleted, as it sold U.S. dollars to preserve the value of the Argentine austral.
The economic establishment withdrew deposits from the banks, withheld the dollars brought in by exports, and purposefully delayed the paying of taxes.
That night the riots and episodes of looting became generalized in Rosario, especially in the southern neighbourhoods, where most of the larger supermarkets were concentrated at the time, and the next day they spread to the nearby industrial corridor and to other cities, accompanied in certain cases by road blockades and cacerolazos.
[4] The rioters broke into supermarkets, food stores and smaller businesses, in groups of varying size (as small as 20 people and as large as 1,000).
Some neighbours claimed that the police was merely "guarding" the robbers, as the security forces only shot some rounds into the air and few arrests were made.
By the beginning of June the riots ceased, as the situation was controlled by the security forces and the municipal and national governments began to deliver food assistance.
[5] The beginning of 1990 saw a new, albeit much smaller wave of riots, mainly February and March, in Rosario and Greater Buenos Aires.