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Does Argentina offer a solution to our current financial meltdown?
The “experts” tell us we can’t forego our debt. We MUST pay of the faceless elites sorry bond holders. Well one country did just that. Argentina bucked the trend. In the face of dire predictions that the economy would collapse without foreign credit, in 2001 it defied its creditors and simply walked away from its debts. Basically it told the IMF and its cohorts were to go. By the fall of 2004, three years after a record default on a debt of more than $100 billion, the country was well on the road to recovery; and it achieved this feat without foreign help. The economy grew by 8 percent for 2 consecutive years. Exports increased, the currency was stable, investors were returning, and unemployment had eased. Point being it can be done, and maybe and admittedly a small maybe if Greece pulled out of the euro currency or Germany refuses to bail them out which would have the potential to destroy the euro currency then maybe our boys then would grow a set of balls and do the right thing.