(Greece) SEV warns country could become the next Argentina

[unhappycamper]

http://www.ekathimerini.com/198855/article/ekathimerini/business/sev-warns-country-could-become-the-next-argentina



SEV warns country could become the next Argentina
BUSINESS 02.07.2015 : 22:42

Greece’s industrialists urged Greeks to vote “Yes” in Sunday’s referendum and warned that the country risks going down the same road that Argentina did in the previous decade, as the Hellenic Federation of Enterprises (SEV) drew parallels between the financial conditions in the two countries in its weekly bulletin on Thursday.

~snip~

SEV drew a parallel between the state of Greece today and that of Argentina in the 2000s, reminding that the South American country entered recession in 1998 and in December 2001 defaulted on external debts amounting to $93 billion, half of which had been loaned out during that three-year period.

The Argentinean peso was left to float, after the currency had long been pegged to the US dollar, and immediately depreciated, leading to a 40 percent increase in prices and an 11 percent drop in the real gross domestic product within 2002.

SEV noted that Argentina entered its crisis three years before defaulting, while Greece, whose per capita income is increasingly lagging the European average and approaching that of Bulgaria and Romania, has already had more than five years of crisis, the duration of which has seriously damaged production and the social fiber of the country.

[patricia92243]

1. How is Argentina doing today? I don't keep up with international affair like I should.

[bemildred]

2. You can't threaten people with things they aren't afraid of. nt