The country has gone through a total unraveling before — at the end of 2001, it had five different presidents in two weeks when it defaulted on $132 billion of debt it could not pay. 

So the question at hand right now is whether or not the economy is at that point again.

According to Federico Zaldua, a bond trader at Argentine fund, SP, we're not at 2001 yet. But the year ahead promises pain for the entire country.

"Best case scenario — let the peso float freely after salaries renegotiation end and fix ASAP the inflation statistics in order to get international credit at a fair price," said Zaldua, who manages $50 million worth of Argentinean government bonds. "Worst case scenario: Inflation up up and up, USD up up and up, nasty recession followed by elections."