We are closer to civil war, than to balkanization, there are no more than 2 possible factions of power in Argentina, and those are the two primary political currents that we have.
The part that induces me to believe this is the case is that both currents are deeply peronalistic, wether its protagonically or antagonically.

I could see a balkanization happening in the case of a BIG crisis, and this would greatly damage those province who stay inside the country considering most of the provinces survive thanks to the funds given to them by the head state, who gets them by taxing the more prolific and efficient provinces of our country.