People in the USA complaint about the government “printing money” (which devalues each unit of currency) and the USA last did in 2020, but Argentina does have a history of borrowing money from other nations or from the IMF and “printing money” to pay back the loans. Its a really vicious cycle because when they do “print” more money they have to increase the interest rates to attract anyone willing to hold the currency (usually in government bonds). Since Argentina has a bad reputation for doing this, they have to have REALLY ATTRACTIVE interest rates.
For USA as a frame of reference, our prime interest rate is currently 8.5% which is high compared to the last 30 years or so (it was 12% ish back in the late 1980s when it was considered REALLY bad). Now back to Argentina. In October, they raised their interest rate from 118% to 133%!
I feel really bad for the people of Argentina. From the outside it looks like the whole country is a debt trap for the average person. How can they possibly get out of that on their own at the individual level?