It's quite a risky plan when 1) you don't really have any dollars right now, 2) your country has more people than California, its economy is very different from any American state, and after this move you'll be stuck with whatever the Fed does.
One of Javier's main goals is to remove to the Argentine politician the capacity to emit more useless currency. I don't know if he's going to go ahead with that proposal or if it's going to sleep forever "soon to come", but we are just tired of our politicians, at the point that we prefer to depend on politicians of another country to dictate our monetary policy...
Noy many things more stupid than subsidying somebody else's private for-profit business costs.
The state will stop bleeding so much cash.
That's when you have government give exclusive power to use resources to individuals and provide firepower to them. Remove all limitations of contractual terms and all labor protections.
Of course they are betting the us dollar remains stable. Nobody can know this for sure, but history says it is a better bet than the status quo.
2) Being stuck with what the Fed does isn't ideal, but VASTLY better than 130% inflation.
There are a number of countries who use a currency over which they have not control, be it the US Dollar or the Euro. I suppose the trade off is that you get a stable currency and it makes trade easier.
I'm from Hong Kong and HKD is only worth anything because we are pegged to the dollar.