How Argentina learned to love the US dollar

One day, Argentina's peso could be a thing of the past.

Javier Milei, the victor in last year's presidential race, won the election on a mandate to abolish the country's own currency and replace it with the US dollar - although he has talked less about the idea of late.

In some ways, it's surprising the idea hasn't caught on before. Argentines are reckoned to hold more greenbacks than anywhere outside the US and hoarding them is a way of life for many people.

The move is part of the right-wing libertarian's shock therapy plan aimed at transforming Argentina's economic prospects.

Polls show that 60% of Argentines oppose the idea because it would give too much power to the US central bank, the Federal Reserve.

But like it or not, the dollar already plays such a big part in their economy that to some, the idea feels like a foregone conclusion.

Argentines have traditionally set little store by their own currency, preferring to convert their spare pesos into dollars as soon as they can.

They don't trust financial institutions much either, so they resort to what is locally known as the "colchón bank" - that is, stuffing their dollars under the mattress.

Anecdotal stories abound of people keeping money buried in the garden, hidden in the walls or even secreted in heating systems - occasionally with disastrous consequences if there is an unexpected cold snap and the cash isn't retrieved before it goes up in smoke.

It's a symptom of the country's deep-seated structural economic problems. And like all chronic illnesses, it didn't develop overnight.

To get to the root of the Argentine people's obsession with the US dollar, you have to go back to the dark days of the 1970s and 1980s, when periods of hyperinflation blighted........

© BBC