1. Low value of exports leads to a trade imbalance and long term decline in foreign currency reserves.
2. The government prints money to spend not on productive investments to solve 1. but on vanity projects or more-or-less bribes for their constituents to stay elected, leading to inflation.
3. Many historical periods of high ARS inflation leads to a lack of confidence in the local currency debt market.
4. 1+3 mean that Argentina needs to borrow in foreign currency, mostly USD.
5. Over time the debt accumulates and even more borrowing is necessary to pay interest.
6. Recently, rising US interest rates lead to a stronger USD, exacerbating the problem.
7. As debt rises so does the default risk and investors won't lend except at higher interest rates to compensate.
8. Eventually the country risks a default. Nobody wants that because the country wouldn't be able to import anything due to a lack of foreign currency (see Sri Lanka) and the creditors don't want that because they won't get paid back. So the IMF offers a bailout on the condition that the country will implement reforms to reduce spending so that it won't need to be bailed out again - austerity.
9. Austerity is unpopular and the government is replaced with one who promises to raise spending again and stick it to the IMF.
10. GOTO 1
This probably describes most countries in the world.