Greece: take a lesson from Argentina
There is a variant of an old canard that those who do not learn from history are doomed to repeat it. This is Argentina’s brotherly advice for Greece. The FT’sarticle quoting Roberto Lavagna (who knows a thing or two about defaults), Argentine economy minister from 2002-05 potently clarifies the situation: “Greece is heading for four-years of recession. The fiscal situation is not getting better, it’s getting worse. Socially, the situation is getting worse. Foreign debt is rising. Interest rates are rising. The current programme is a programme which has failed.”
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.