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...