100% correct. The country risk would also be a factor as some countries have higher risk then others - good breakdown below - some independent geopolitical risk consultancy scores:
Sources:
https://credendo.com/en/country-risk/argentina
https://www.coface.com/Economic-Studies-and-Country-Risks/Argentina
https://www.eulerhermes.com/en_global/economic-research/country-reports/Argentina.html