ARGENTINA: Minutes after Mr Eduardo Duhalde was confirmed president of Argentina yesterday the sound of banging saucepans reminded politicians that time was tight in the race to find a way out of the nation's catastrophic economic crisis.
"There isn't a peso to pay for salaries or pensions" acknowledged Mr Duhalde, a veteran Peronist leader who was vice-president (1989-1991) under Mr Carlos Menem, then governor of Buenos Aires Province (1991-1999).
President Duhalde, sworn into office by Congress until 2003, criticised the free-market model which he vigorously supported while in office.
"This is the moment of truth, Argentina is worn out" he told Congress.
"The current economic model destroyed our middle class, destroyed our industries and pulverised our workforce." The only words of interest to Argentinians in his speech was the promise to respect savings frozen in bank accounts.
President Duhalde will serve out the term left by former president Fernando de la Rua, who resigned on December 20th amid street protests over the state of the economy.
Once you peel away the radical rhetoric, President Duhalde stands out as a traditional politician who faced corruption charges during his period as governor of Buenos Aires.
Mr Duhalde is the last card left to play among Argentina's despised political class, a window of opportunity which will snap shut in a matter of days should he fail to impress citizens with an economic recovery plan.
Angry protestors returned to the streets yesterday demanding the dissolution of the Supreme Court, the imprisonment of Mr Carlos Menem and Mr Domingo Cavallo and the end of restrictions on bank withdrawals. The Supreme Court lost credibility when it upheld banking restrictions and absolved Mr Menem of corruption charges.
Mr Cavallo, widely regarded as the architect of the economic model which bankrupted the nation, is virtually a prisoner in his own home.
Sources close to Mr Duhalde said the new government may be preparing a devaluation in the one-to-one peg of the peso to the dollar, accompanied by the transformation of dollar debts into pesos, a move which would protect Argentinians who earn in the local currency but have debts, such as mortgages, in dollars.
Argentinians stayed at home over New Year, with little to celebrate, while the informal barter network, known as the "Club de Trueque" kept hunger at bay, as neighbours swapped eggs for bread.
Meanwhile the Duhalde family announced they would not be moving into the presidential residence, a wise precaution in these uncertain times, saving the furniture removal teams a third trip in two weeks.