Redenomination and dollarization are fairly distinct concepts though. Argentina has done the first many times, but each time it was able to print a new currency in it's place. Dollarization requires establishing a fixed exchange rate, and what I'm hung up on is where we're getting the money from, we don't have 40 billion dollars in the BCRA reserves.
This right here is the crux of the problem: again who is lending us the money? you know, the country that has defaulted on it's sovereign debt NINE times. I keep seeing Milei/his supporters saying him sitting in the Casa Rosada alone will inspire confidence to get loans, but does anyone actually believe this? This isn't actually an answer, it's a hope, and if anyone remember's Macri's hope for a "lluvia de inversiones" you'll forgive me if I'm not holding my breath.
The only way I'd lend money to Argentina if I was an institution or a person would be via payday lending rates secured against assets held abroad such as embassy buildings, Aerolineas Argentinas fleet, deposits in banks in other countries in currencies other than pesos, etc and I'm pretty sure our collective assets are not worth anything close to this.
Maybe I should rephrase my question: I get how Milei wants to do this, but who is going to lend us the money, and at what exchange/interest rate?
