First, Argentina's debt is huge, which is also the main reason why its currency (including many emerging markets) once "plummeted". With the final devaluation of the peso, Argentina's dollar debt became more expensive, which eventually prompted it to "request" 50 billion dollars from the International Monetary Fund.
Second, inflation has soared. Obviously, Argentina needs to stabilize the peso, so as not to bring the next round of economic pressure to its fragile economy and aggravate inflation. In fact, according to Reuters's data, the Argentine inflation rate is about 3 1%.
Third, foreign exchange reserves have fallen sharply. With the fall of peso, Argentina's central bank also began to "rescue the market", and the central bank's currency reserves seem to be sharply decreasing. Although Argentina's central bank has raised interest rates to 45% and sold billions of dollars of foreign exchange reserves, it has failed to convince investors that the government has controlled the problem. Although the loan from the International Monetary Fund will restore the foreign exchange reserves to the April level, it seems that further selling of pesos will soon exhaust these foreign exchange reserves.
Fourth, the financial turmoil has resurfaced, and Argentina's economy may continue to decline. With soaring inflation and rising interest rates stifling economic activity, Argentina's financial turmoil has just begun. To make matters worse, the drought destroyed the crops of soybeans and corn. You know, agriculture is one of the main pillars of the Argentine economy.