Argentina's crisis occurred with the Peso was pegged with the US dollar and was not able to fluctuate. Then you have years of bad management and direction from leaders such as Fernando de la Rúa putting caps on how much people can withdraw per day and how much banks can pay out per day and you get a terrible crisis. After years of lending by the IMF and the peso pegged to the dollar, the situation reached a breaking point in 2001. 20% unnemployment, alternative bons like the Patacon and Lecop being printed since we couldn't print dollars. The elite had moved their money out of the country and when the average citizen tried to close his accounts, they were frozen, to later be converted to devaluated pesos losing 70% of their value. Argentina defaulted on its 132 billion usd debt, largest default in history.
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