Greece should follow Argentina's lead | Business | The Observer: "Argentina provides the template for a country that defied the doomsters and made a go of life after devaluation and default. In the 1990s, Argentina's position was broadly comparable to that of Greece after monetary union. It had pegged the peso to the dollar, a policy that in the first half of the decade led to much lower inflation, but in the second half of the 1990s resulted in much lower growth. By the end of the 1990s, the currency peg came under strain, and like Greece, Argentina tried and failed to muddle its way through with a mixture of austerity, IMF bailouts and debt rescheduling. When the country went its own way in early 2002, there were predictions of economic Armageddon, but from 2003-2007 growth averaged 9% a year.
Comparisons between Greece and Argentina are not precise, because Argentina is a big commodity producer and devalued when the global economy was booming. Greece, by contrast, is part of a recession-mired eurozone, and the turbulence caused by its exit from the single currency might make matters worse."
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