Right now we have a recession and an increasing fiscal deficit (a comment on the virtues of keeping balanced accounts would be very appropriate); if we devaluate, chances are we would also have an inflation outburst, a rush against the banking system, and a capital flight.
A recession is occurring right now.
I agree that we have a regular recession and that the currency board prevents us from applying the usual recipe, but it's not clear that it would work, and at this point breaking the peso commitment would be extremely onerous.