Economía marxista para el Siglo XXI


Michael Roberts Blog

It’s just over ten years from its last major currency and debt crisis and Argentina is looking into the gun barrel of major slump again (see my recent post, http://thenextrecession.wordpress.com/2014/01/25/emerging-market-crisis/).  In that post, I commented that “Argentina is suffering the most because it already defaulted on its debts back in 2001 and has had large deficits on its balance of payments with the rest of the world.  The irony here is that many Keynesians like to use the example of Argentina as a way out of the austerity that the likes of Greece or Portugal are suffering in the Eurozone.  Do what Argentina did in 2001: ‘default on your debts, leave the euro and devalue your currency, then you can get growth’, the argument went. Well, the proverbial chickens have come now to roost on that strategy.”

It seems that I am not the only one that has picked…

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