Argentina: The run on the peso

On May 6 there was a run on the Argentina peso, that was stopped immediately by the Central Bank raising REPO interest rates to 40%. International interest rates are about zero, which illustrates the level of chaos in Argentina's finances.

I know bunches of solid, hardworking, decent Spanish and Italian people in Argentina, I find no reason for its chaos and instability.

P.S. Argentine finance minister Dujovne (a relative?) traveled to New York to beg Madam Lagarde (IMF) for a 30 billion dollar loan.