With considerable insight, Andres Oppenheimer
writes about Latin America for the
Miami Herald. Here he responds to pundits comparing the economic crisis in Greece to that Argentina went through in recent years. He agrees with parts of this comparison.
Greece and Argentina have a lot in common, including a tradition of living beyond their means, massive corruption, and a failure to improve their education and innovation systems to become competitive in the new global knowledge economy.
COTTonLINE adds the two countries also share a post-WW II history of military coups brought on by the sort of dysfunctional civilian governments both countries "enjoy" today. Oppenheimer disagrees with the similar outcomes predicted:
But Greece can’t expect to benefit from the same external headwinds (sic) that helped Argentina emerge from its 2001 default. There is an odd chance that Greece could be rescued by bankrupt Russia, but it would be difficult. Most likely, barring a realistic agreement with its EU partners, a Greek decision to cut itself loose from the Eurozone would deepen its current crisis.
Actually, I believe Oppenheimer meant "tailwinds." They are generally thought helpful by both sailors and pilots. It is easier to move
with the wind than fight it.
