Years of following IMF policies and a hard peg to the dollar caused the meltdown, as Argentina saw its currency devalue 400% and its economy plunge.

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Years of fiscal profligacy and a 1 to 1 hard peg between the peso and the dollar were financed with credit, a-la U.S.A during the Bush years, only that in its Latin American version.

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The sanctions are preventing Iran from getting hold of the hard currency it needs to defend its peg, among other things.

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