Naked Capitalism laid out why Milei’s dollarization plan is likely to fail:

What’s more, Argentina, on its own, is not in a position to undertake dollarization since for two simple reasons. As Alejandro Werner, former director of the Western Hemisphere Department of the International Monetary Fund (IMF), told America Quarterly, “Argentina does not have the dollars to dollarize, and it does not have access to the financial market to obtain dollars.”…

But will Washington be prepared to pour significant funds into [Argentinian dollarization]; according to estimates from the Spanish financial daily Expansión, the initial outlay alone could cost as much as $100 billion, for a project that is likely to take years to complete, and what’s more with a government that still owes the IMF $44 billion as well as billions to China. And that is a lot of money to the Biden Administration, especially with Congress blanching at providing more funds for the Zelensky government in Ukraine.