Friday, September 02, 2011

Turnaround Tango

The NYTimes op-ed section has a nice piece on Argentina and its economic turnaround:
Argentina may seem like one of the last countries on earth to offer lessons for dealing with economic malaise. Once the eighth-largest economy in the world, it steadily slid through the 20th century, thanks to decades of repressive dictatorships and inconsistent market experiments. This ended ignominiously in 2001, when it defaulted on $100 billion in sovereign debt, plunging over half its 35 million people into poverty. That, at least, is the Argentina people know.
Since then, it has performed an economic U-turn — an achievement largely unnoticed outside Latin America, but one that President Obama and Congress should look to for inspiration. Argentina is not without problems, but its recent economic record speaks for itself: the economy has grown by over 6 percent a year for seven of the last eight years, unemployment has been cut to under 8 percent today from over 20 percent in 2002, and the poverty level has fallen by almost half over the last decade.
The Porteños portend well for how America could get back on track.

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