History Repeating Itself: From the Argentine Default to the Greek Tragedy - Essay Example

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History Repeating Itself: From the Argentine Default to the Greek Tragedy

For Argentina to curb inflation agreed with the United States of America whereby it replaced its national currency with the United States dollar, and its monetary policy with the Federal Reserve policy (Alcidi, Giovannini & Gros 2). Greece, on the other hand, has done the same a decade later by joining the European monetary union giving up its currency and monetary sovereignty, in the effort to bring financial stability and growth in the country. This definitely was significant to the growth of the country and brought inflation under control for some time. The stability couldn’t last long, and there was an increase in fiscal debts build-up, and external imbalances from the corruption and uncontrolled public expenditure. In Argentina, the governments set up laws, which were approved in a sequence. The laws were aimed at restoring the market confidence and control the deficit to balance the budget, but the situation was going from bad to worse. The last solution was thought to be zero deficit law but did not work as well ((Alcidi, Giovannini & Gros 3). The Greek used the same strategy as well whereby the government endorsed consolidation plans, which to no improvement led to the need of an emergency plan. ...Show more

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Name: Instructor: Course: Date: History repeating itself: From the Argentine default to the Greek tragedy This is a synopsis of the article, ‘History repeating itself’ in the case of Argentina and Greek tragedy by Alcidi, Giovannini and Gros. History repeating itself is evident in the case of Argentina and Greek…
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History Repeating Itself: From the Argentine Default to the Greek Tragedy essay example
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