Look­ing at the wrong ex­am­ple

Kathimerini English - - Front Page -

In the last few years a large num­ber of peo­ple in Greece have sug­gested, of­ten in pas­sion­ate terms, that the so­lu­tion to the coun­try’s 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 coun­try’s lenders or as ve­hi­cle for a sup­posed lib­er­a­tion from them, is a par­tic­u­larly bad so­lu­tion.

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