Argentina raises interest rate, devalues peso after shock primary election

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2. And in Argentina's case, it all traces back to the last dictatorship in the early '80s

After deregulating banking, a massive bubble developed - and when it all crashed in '81, around $30 billion in assets were dollarized and offshored.

All made possible by both deregulation, and $40 billion in new foreign debt (in 1980 dollars!).

The country has never been able to dig out of it ever since, with governments either trying in vain to pay down the debt (Alfonsín and the Kirchners) - or, as Menem and Macri did, simply adding to it to satisfy an insatiable demand for dollars by locals.

Either way, it's hopeless.