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Looking at the wrong example

In the last few years a large number of people in Greece have suggested, often in passionate terms, that the solution to the countrys sovereign debt crisis would be a disorderly default.

Amid a climate of such widespread populism, this point of view has gradually earned the support of a considerable portion of the Greek population.

Both those who preach this absolutely catastrophic theory, however, as well as those who support it, ought to take a moment to have a good look at the case of Argentina, which default champions so often like to cite.

The face is that the people of this Latin American nation whose debt is significantly lower than that of Greece and which has many more resources have suffered greatly for a large number of years from its default in 2001.

The option of undergoing a disorderly default, whether as a means of blackmailing the countrys lenders or as vehicle for a supposed liberation from them, is a particularly bad solution.

ekathimerini.com , Thursday Jan 23, 2014 (21:27)  
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