Other alternatives include precautionary lines of credit, such as the American Federal Reserve's with the central banks of Brazil and Mexico, or the IMF's flexible credit line.

ECONOMIST: Reserve currencies

To qualify for the fund's new flexible credit line, Argentina would have to clean up its statistics office, which is run by nominees of Mr Kirchner, not the economy minister.

ECONOMIST: Life outside the system becomes a bit harder

As out-of-state banks, like the ones in Texarkana, Texas, offer more flexible credit packages, businesses and owners of expensive homes will continue to decamp to the Texas side of the line.

ECONOMIST: Usury laws: The bad side of town | The