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Greece: take a lesson from Argentina

May 23, 2011 5:39 AM ET
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 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.” 

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