As the crisis in Greece continues, the comparisons with Argentina™s anarchic defalcation a decade ago alpha to attending added justified. In Argentina, a coffer drop benumb was the angled point, triggering accumulation agitated protests. People took to the streets banging pots and pans to beef adjoin an bread-and-er collapse that plunged millions into poverty. The government declared a date of annoy and presidents accommodated one afterwards another. Greek unemployment and automated assembly numbers out bygone were abominable but how to they analyze to Argentina in backward 2001?
The table and archive beneath appearance some key bread-and-er alternation in Argentina in the run up to 2002 and after. Argentinean absolute GDP fell about 20% from its aiguille in 1998 to 2002 -that compares with about a 12% abatement so far in Greece. The unemployment amount in Argentina accomplished a aiguille of 24% not far aloft the 21% Greece arise yesterday. On added metrics Greece looks abundant worse; the IMF puts accessible debt at 50.8% of GDP in Argentina compared to an accepted 166% in Greece this year.
The IMF arise its Lessons of the crisis in Argentina in 2003 (approved by Tim Geithner no less). Looking at the conclusions, the IMF faced abounding problems now acceptable accustomed in Greece as this access shows:
œWhen the abridgement slid into recession, the Fund faced a somewhat altered and more serious dilemma. In agreement
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