Argentina’s Lessons for Greece
Thirteen years ago, Argentina was in dire straits, with a currency pegged to unrealistic levels, high debt, and an unsustainable bailout program. Today, with Greece facing many of the same challenges, it is worth considering what the country's leaders and creditors can learn from Argentina's policy response.
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NEW YORK – Thirteen years ago, Argentina was in dire straits. Its peso was pegged to the dollar at a level that far exceeded its value. Its external debt was unsustainable. And political pressure from the United States prevented its weak government from renegotiating a bailout program that even the International Monetary Fund knew was unrealistic.