The Greek crisis: Argentina revisited?
Greece’s enormous fiscal deficit and high debt level culminated earlier this year in the euro zone’s first sovereign debt crisis. High yields on Greece’s debt indicate that markets have priced in the possibility of default. Compared with Argentina, which defaulted on its debt in 2001, Greece’s fiscal position is much worse. However, unlike Argentina, Greece is supported by other euro zone countries and is not vulnerable to speculative currency attacks, advantages that offer it some protection from default.
Volume (Year): (2010)
Issue (Month): nov1 ()
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