Posts
NYT: "A decade ago, as Argentina slid toward financial collapse, banks barricaded themselves behind sheet metal to keep out protesters demanding access to their life savings.
"...but the debilitating effects of Argentina’s 2001 default and currency devaluation still linger. And now, as Greece edges toward a possible default, the Argentine lessons could be instructive.
For one thing, a decade later, Argentina has still not been able to re-enter the global credit market.
“A ($100bn) default is not free,” said Jaime Abut, a business consultant. “You have to pay the consequences, and for a long time. Argentina is no longer considered a serious country.”
SEE ALSO: NYT columnist and economist Paul Krugman disputes his own newspaper's analysis.
He says he can't “... see how Argentina’s default, of all examples, can be viewed as a cautionary tale for Greece”.
http://en.mercopress.com/2011/06/24/krugman-when-argentina-tried-to-act-as-a-serious-country-it-was-a-disaster?utm_source=feed&utm_medium=rss&utm_content=main&utm_campaign=rss
