Argentina hails Greek ‘no’ vote
World markets may tremble at yesterday’s decision by Greek voters to reject conditions of a rescue deal from creditors, but the leader of Argentina, which suffered a similar crisis more than a decade ago, boldly welcomed the referendum result.
President Cristina Fernandez, known for combatively defending her unorthodox policies, tweeted that Greece’s vote marked “a resounding victory for democracy and dignity.”
There are stark similarities between Argentina’s 2002 financial meltdown and the turmoil in Greece: rigid monetary regimes, creditors battling domestic politics to fix the problem and banking systems at breaking point.
In Greece, 61% of voters rejected a deal that would have imposed more austerity on their already ravaged economy.
“We Argentines know what this is about. We hope that Europe and its leaders understand the message … that you can’t force anyone to sign their own death warrant.”
The South American grains behemoth defaulted on US$100 billion (RM380 billion) in bonds in a 2002 crisis that thrust millions of middle-class Argentines into poverty.
By the next year, helped by a massive soy crop, Argentina started growing again.
But the 2002 crisis continues to plague its finances. Fernandez regularly blasts bondholders who have sued the country over the debt it failed to pay 13 years ago.
Most holders agreed to restructurings that paid about 30 cents on the dollar, while a group of hedge funds sued for full repayment.
The country defaulted again last year when a US judge barred it from honouring its restructured debt without reaching a deal with the funds, which Fernandez denounces as “vultures.”
Argentina became one of the world’s fastest expanding economies after its default, growing at an averaging above 8.5% between 2003 and 2007, when Fernandez was first elected.
Since then she has ordered trade and currency controls that have slowed investment while government fiscal accounts deteriorate due to high state spending.
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).