In defending the currency board and trying to avoid a default vis-à-vis those who hold pesos in their pockets, Argentina ended up defaulting against everyone else: its public employees, whose salaries were either never paid or arbitrarily cut; its provinces, who have not received the transfers accorded them by law; its depositors, who can no longer withdraw their funds freely from the bank; and, crucially, its democracy, with the mandate of a popularly elected president cut short by rioting and looting.
Al defender al consejo monetario e intentar evitar la falta de pago vis-à-vis aquellos que tienen pesos en los bolsillos, Argentina terminó fallándole a todos los demás: sus empleados públicos, cuyos salarios o no eran nunca pagados o eran recortados arbitrariamente; sus provincias, que no han recibido las transferencias a las que tienen derecho por ley; sus depositantes, quienes ya no pueden retirar libremente sus fondos del banco; y, crucialmente, su democracia, con el mandato de un presidente elegido popularmente recortado por disturbios y saqueos.