It's true that Mexico's default on its debts in 1982 was followed by years of hard times. But Argentine and Russian memories of default are far less "searing"
Washington Post correspondent Juan Forero has a piece today (11/4/11) that attempts to compare the Greek economic crisis with other similar debt crises, particularly in Latin America. Unfortunately, he draws some misleading conclusions. Forero's point is that there's a lot about Greece's problems that are reminiscent of troubles in Argentina and Uruguay just a few years ago. One country chose the right response, and the other is called Argentina: 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 […]