Perhaps they should look south to Argentina for inspiration. A decade ago, following a deep recession, the third-largest economy in Latin America defaulted on its $132-billion debt. The government gave up its “convertibility plan” and devalued the peso, which had been pegged to the U.S. dollar in an attempt to tame hyperinflation. Helped by a boom in commodity prices, and cheap exports, Argentina made a remarkably swift recovery. Between 2002 and 2011, its economy expanded by 94 per cent.
We are not out of the world as some believe
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