In Argentina, it repeats itself just about every decade with currency crises in 1972, 1982, 1990, 2001 and now 2014. Please answer the questions related to the newest crisis installment: 

1) Did the currency fix fail because the Central Bank did not "want" to use its reserves? (short read link)

2) Use the MF diagram to explain why did the Argentinea Central Bank increase the interest rate so dramatically after the devaluation? (short read link)

3) Fixed exchange rates require fiscal discipline. How could this event be related to the crisis? (short read link) 

4) Use the MF diagram to show the effect of goverment expenditures on the exchange rate. (read link)  

Here is what happens when the public looses confidence in the domestic currency (source: FT). The pink line is the offical exchange rate (which few Argentineans were allowed to use recently) and the yellow line is the "blue peso" which is the nickname of the black market peso.

 Here is a long discussion of the causes of the current crisis (voluntary reading link)