Following Hanke and Sir Alan Walters' 1994 prediction of the Mexican peso's collapse, Argentine Finance Minister Domingo Cavallo invited Hanke to serve as his adviser. During this time, Hanke's primary role was to leverage his scholarship and experience as one of the experts who was in the middle of the currency reform debates before the adoption of the Convertibility System – as well as his credibility established when he predicted the Tequila Crisis – to explain how the Convertibility System operated at the time, and to restore confidence in Argentina and the peso's international credibility. At the time, Hanke was described by Argentine newspapers as "Cavallo's spokesman" and the "generator of confidence" in the Argentine economy.