How Argentina’s provincial governments operated, after the country’s debt default in 1998, has many possible lessons for Greece now

摘要

The prospect of a Greek exit from the Euro, or of Greece defaulting on its government debts, has created huge anxiety because both appear to be steps into the complete unknown. However, Mark Hallerberg argues that looking at the potentially similar case of Argentina’s debt default can suggest interesting temporary solutions. From 1998 to 2001 Argentina’s provinces coped with many after-shock problems by issuing their own regional currencies. A similar approach might work to mitigate the worst effects in Greece.