It is still distinctly possible to stay in BA for less than $20 a night (my South American Handbook 2000 edition has ads for $8/night/pp but that is probably for just a bed in a multi-person dorm room -- email the Metropolitan Guest House, Av Corrientes 3973, at [email protected] for info on a single room, ph 011-5411-4862-3366, they actually two locations). There is no need to stay at a Sheraton if one is willing to rough it a little. If nothing else, you will find that food (especially a good steak during lunch) is very reasonably priced (OK, not cheap but good food). I suggest going to some of the restaurants in the Puerto Madero area.

As for the currency, it has been stable for exactly a decade now, based on a very successful Convertibility Program (pegging the exchange rate at one peso per one dollar) introduced in 1991. Before that, the currency was the austral and was devaluing at a rate of 1%-5% a day/week/month, depending on what day it was in the late eighties. At the moment, Argentina is in the midst of a 2-year-long recession, so restaurant prices may be more reasonable since I was there 3 years ago.