Before 31 Oct 2026, Argentina will require either a discrete peso depreciation beyond the pre-set crawling-band ceiling or a fresh US/IMF dollar facility beyond existing programs to defend parity.
Strongest counter — The IMF 2026 Article IV shows reserves accumulating toward target, and the band already widens ~2.5-2.8%/mo — so depreciation can proceed within-band with no discrete break, and Washington's demonstrated backstop makes a forced new facility avoidable through the political window. The 'OR a new facility' leg made the original 0.72 partly definitional; with reserves rising the claim no longer clears 0.72.
Wrong if — , through 31 Oct 2026, the official peso stays inside its pre-announced crawling band with no discrete jump AND no new US/IMF facility is announced AND net reserves rise toward the IMF accumulation target.