There is more nuance to some of these steps but roughly right. It's very important to understand that this is a very important weakness of the monetary system

There is more nuance to some of these steps but roughly right. It's very important to understand that this is a very important weakness of the monetary system in every country, and only countries with little political power are forced to austerity by larger powers (Greece, Argentina and the IMF, etc). Argentina is just a chronic abuser of foreign debt and money printing.