In the 90's both Brazil and Argentina pegged their currencies to the Dollar in some way to control inflation. In Argentina the peg was an 1 to 1 conversion. In Brazil, the Central Bank would define a band in which the Dollar would float and the band would be periodically changed like the interest rates.
But the main difference was that in Brazil it was just a Government policy that could be removed in a whim, while in Argentina it was a law, enshrined by Congress vote. When the Mexican crisis hit in 1994, it was clear that such measure had limited effect and would become poisonous to the nation's economy. But the Argentinian middle class went balls-deep into the illusion of a cheap dollar (unlike their Brazilian counterpart) and any depegging suggestion was political suicide.
Brazil eventually depegged (later than they should, also for political reasons, but it was an obvious decision). Argentina depegged too, but only after the whole nation imploded.
Nostalgia for that illusion is one of the things fueling this vote.
But the main difference was that in Brazil it was just a Government policy that could be removed in a whim, while in Argentina it was a law, enshrined by Congress vote. When the Mexican crisis hit in 1994, it was clear that such measure had limited effect and would become poisonous to the nation's economy. But the Argentinian middle class went balls-deep into the illusion of a cheap dollar (unlike their Brazilian counterpart) and any depegging suggestion was political suicide. Brazil eventually depegged (later than they should, also for political reasons, but it was an obvious decision). Argentina depegged too, but only after the whole nation imploded.
Nostalgia for that illusion is one of the things fueling this vote.