Argentina’s Default Offers a Cautionary Tale for Greece

“Thieves!” some yelled, banging hammers.

It was a low moment for Argentina as it abandoned an experiment to peg the peso to the dollar, froze bank accounts and defaulted on $100 billion in mostly foreign debt.

Today, the sheet metal is gone. But the debilitating effects of Argentina’s 2001 default and currency devaluation still linger. And now, as Greece teeters toward a possible default, the Argentine lessons could be instructive.

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Read More Here http://www.nytimes.com/2011/06/24/business/global/24peso.html?partner=rssemc=rss

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