But so far it has only led to near chaos as Argentines purchased the safe-haven US dollar, weakening the peso by 70 percent and sparking inflation. With wages stagnant, Argentina's 36 million inhabitants took an effective wage cut as prices of basic goods from cooking oil to bread rose.
One in two Argentines live in poverty on a few dollars a day and the middle class -- once the strongest in Latin America -- has been impoverished, sparking street protests in December in which 27 people died amid supermarket looting.
One TV program over the weekend, titled "Returning to the epoch of our parents and grandparents," showed how Argentines could no longer afford disposable diapers. The middle class was now forced to use old-style cotton diapers, and some slum dwellers were using garbage bags tied around their babies.
Economists say the country's problems show no sign of abating. The economy is expected to contract up to 15 percent this year and analysts wonder if more social upheaval is ahead. Lavagna said on Sunday the unemployment rate was 24 percent.
Adding to the instability, the new economy minister must also decide what to do with banks, which have lost billions of dollars after devaluation. The deposit freeze has killed confidence in the financial system.
Deposits dropped 20 percent last year and have fallen at least 10 percent so far this year. Lavagna said he was still mulling forcibly transforming deposits to government bonds.
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