t , ▁Argentina ▁approached ▁the ▁International ▁Mon et ary ▁Fund ▁( IM F ) ▁for ▁financial ▁assistance , ▁as ▁it ▁too ▁was ▁in ▁serious ▁difficulties . ▁While ▁develop ments ▁looked ▁positive ▁for ▁a ▁while , ▁an ▁IM F ▁staff ▁team ▁visit ing ▁Buenos ▁Aires ▁in ▁August ▁ 1 9 8 3 ▁discovered ▁a ▁variety ▁of ▁problems , ▁particularly ▁a ▁loss ▁of ▁control ▁over ▁w ages ▁affect ing ▁both ▁the ▁budget ▁and ▁external ▁compet it iveness , ▁and ▁the ▁program ▁failed . ▁With ▁the ▁pes o ▁quickly ▁losing ▁value ▁to ▁infl ation , ▁the ▁new ▁Argent ine ▁pes o ▁argent ino ▁was ▁introduced ▁in ▁ 1 9 8 3 , ▁with ▁ 1 0 , 0 0 0 ▁old ▁pes os ▁ex changed ▁for ▁each ▁new ▁pes o . ▁ ▁In ▁December ▁ 1 9 8 3 , ▁Ra úl ▁Alf ons ín ▁was ▁elected ▁President ▁of ▁Argentina , ▁bringing ▁to ▁an ▁end ▁to ▁the ▁military ▁dict ator ship . ▁Under ▁Alf ons in , ▁negoti ations ▁started ▁on ▁a ▁new ▁programme ▁with ▁the ▁IM F , ▁but ▁they ▁led ▁to ▁nothing . ▁In ▁March ▁ 1 9 8 4 , ▁Brazil , ▁Colombia , ▁Mexico ▁and ▁Venezuela ▁l ent ▁Argentina ▁$ 3 0 0 ▁million ▁for ▁three ▁months , ▁followed ▁by ▁a ▁similar ▁amount ▁by ▁the ▁United ▁States . ▁That ▁provided ▁some ▁breath ing ▁space ▁as ▁it ▁was ▁not ▁before ▁late ▁September ▁ 1 9 8 4 ▁that ▁an ▁agreement ▁was ▁reached ▁between ▁the ▁IM F ▁and ▁Argentina . ▁ ▁In ▁ 1