In 1931, US President Herbert Hoover granted the European debtor countries a year-long moratorium as part of an arrangement of international economic relations related to the Great Depression. The intention of the moratorium was to postpone repayment of the debt by one year. The Moratorium did not mean the pardoning of debts, only their postponement.
Clearly, for the current transition stage of the Argentine economy, there is no other viable and sustainable alternative than the current managed floating regime. A system based on free floating, still called for by many, would have involved the risk of going back to the devaluation-inflation spiral that has been so recurrent throughout our economic history.