Pierre:
You wrote that "Shoring up the peso instead of keeping the money in reserve seems like . . . bad governance." Yes, but. I served once as the treasurer for a non profit organizations of lawyers. The organization was perennially broke, and the year I was treasurer, we managed to have a surplus of a few thousand dollars. In the last board of directors meeting, the president was proud of leaving that surplus to the next administration. I asked him what he thought the next president would do with that money? He answered that most likely he would give away to some worthy cause and make himself look like a hero. So, I recommended that he be smart, and give away the money first. Why make the next guy the hero when you can be the one? Maybe bad governance, but smart politics! I am sure Machiavelli would agree with that!