Economic history of Argentina assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies. That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market. After the relatively stable years of 1976 to 1978, fiscal deficits started
History of Argentina in reference both to the "Revolución Argentina", the Brazilian military regime (1964–85), Augusto Pinochet's regime (starting in 1973) and Juan María Bordaberry's regime in Uruguay. Onganía's Minister of Economy, Adalbert Krieger Vasena, decreed a wage freeze and a 40% devaluation of the currency, which strongly affected the state of the Argentine economy, in particular the agricultural sector, favoring foreign capital. Vasena suspended collective labour conventions, reformed the hydrocarbon law which had established a partial monopoly of the "Yacimientos Petrolíferos Fiscales" (YPF) state enterprise, as well as passing a law facilitating expulsions in case of failure to pay rent. Finally, the