With Argentina facing an implied annual inflation rate of 98.3% (and the peso tanking at 10 pesos to the US dollar), Steve Hanke, Professor of Applied Economics at Johns Hopkins University, makes the case for dollarization.
The trick would be to use the black market (i.e., free market) conversion rate, or close to it:
Dollarize Argentina Now
For example, if Argentina decided to dollarize at an ARD/USD exchange rate of 9.33 pesos to the dollar (5.5% lower than the black-market ARD/USD exchange rate as of Tuesday) only $31.23 billion would be required to cover its monetary base and dollarize the economy. This is the exact amount of net foreign assets held by the BCRA (see the accompanying table).
Read the rest of the article for more details.
It’s a proposal that makes sense, so I expect Cristina to pay no heed to his advice.