Carlos Menem, Argentina's president, had recently appointed Domingo Cavallo to be Economics Minister, hoping he could help resurrect the economy from "stag-hyperinflation," a punishing combination of recession and inflation. As Cavallo prepared a new strategy for the Argentinean economy, he realized that one phase of his plan, the creation of a "currency board", might not receive legislative support. If he fought for this piece, he risked losing support for the entire package. Was it worth it? Could the plan work without a currency board?