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Washington Post: On Greek Debt, Lessons from South America

Authors: Juan Forero, and Michael Birnbaum
November 3, 2011


Juan Forero and Michael Birnbaum suggest Greece turn to the financial histories of Uruguay and Argentina for a lesson on how to deal with its current debt crisis.

BUENOS AIRES — Rage in the streets, workers thrown from their jobs, creditors demanding their money — that's Greece, but nearly a decade ago, that scenario played out in this region of South America.

In a story that may provide a lesson for Europe, one country, Uruguay, that was on the edge of financial oblivion organized a fast, orderly and negotiated response that revived the economy and ended a run on banks. Another, Argentina, spiraled into a chaotic default and remains a pariah in world financial markets.

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