it won't make Argentina's bad debt magically go away

Of course it won't. But what it will do is free Argentinians from being burdened by the government's credit rating. Dollarize, and suddenly private citizens and businesses can borrow at more reasonable 8-10% while the government can't. This allows commercial life to carry on even while the government continues to be a tire fire. This is exactly what happened in Ecuador and El Salvador.

it won't make Argentina's bad debt magically go away

Of course it won't. But what it will do is free Argentinians from being burdened by the government's credit rating. Dollarize, and suddenly private citizens and businesses can borrow at more reasonable 8-10% while the government can't. This allows commercial life to carry on even while the government continues to be a tire fire.