The Seven-Year Ditch
The most obvious parallel to Europe’s current woes is the Latin American debt crisis of the 1980’s. Unfortunately, there appears to be no way for southern European debtors to avoid the seven years of misery that Latin American countries suffered before returning to economic vigor and dynamism.
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PRINCETON – There are historical precedents for sovereign-debt defaults by the countries of Europe’s southern periphery, but they are not instantly attractive ones. Dealing with seemingly intractable problems often takes time. And it is difficult – especially in a democracy – to be patient.