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Argentina defaulted on its $100 billion debt in December 2001 (Photo: michell zappa)

Default: A stairway to hell for Greek people

The Greek crisis has often been compared to the Argentinian one. Both countries were not free to apply their monetary policies prior to the crisis. In Argentina this was due to pegging the peso to the dollar in 1991 as a response to hyperinflation. In Greece this is due to the euro.

Both countries received foreign financial assistance and introduced severe austerity programmes. In both cases political fragility went hand-in-hand with the crisis resulting in the governments managing the...

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Disclaimer

The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

Argentina defaulted on its $100 billion debt in December 2001 (Photo: michell zappa)

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Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

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