For some time the economy had been deteriorating; the peso's one-to-one convertibility with the dollar was an artificial paradise.
Matt Yglesias, who just spent time in Argentina, writes about the lessons of that country's recovery following its exit from the one-peso-one-dollar "convertibility law".
This year the government toughened its rules on currency convertibility, which upset foreign investors.
Drawing down reserves would increase the country's cost of foreign capital, weaken its currency and further delay economic reforms that depend on eventual convertibility of the yuan.
This study was focused on the convertibility of the EHR semantic models.
For more than a decade, until early last year, the Argentine economy operated under a system known as convertibility, with one peso valued at one dollar, and the two currencies were used almost interchangeably in ordinary transactions.
No one was completely sure convertibility would hold.
Convertibility values in this study were lower on average than some convertibility values previously reported in the literature [ 25] and it is unknown how higher average convertibility would impact variability in ethanol yield and its relationship to glucan, convertibility, or other measurements.
Two-thirds of Argentina's bank deposits are in dollars, a result of the decade-long convertibility plan that maintained the peso one-to-one with the dollar.
The most negative effect on the economy was produced by a freeze on deposits in Argentina following the collapse of the Argentine peso when that government abandoned its convertibility plan, which pegged its currency one-to-one with the U.S. dollar.
"If Putin is the one to bring the ruble to full convertibility, it's a positive for his legacy," Mr. Timmons of Moscow Narodny Bank said.
