As sovereign default in Greece becomes increasingly likely, a lot of people are turning to Argentina in hopes of learning something from that country’s 2002 default experience and its recovery.
To be sure, there are significant parallels between Argentina's financial debacle of the 1990s that led to its default, and Greece’s current financial nightmare. Like Greece, Argentina carried a large amount of debt (almost $100 billion), had tied its currency to another currency (the dollar) and was relying on loans from the International Monetary Fund.
Read more..
By Veronique de Rugy
The New York Times
