I do not know whether Argentine has recovered to that extent or not but they are not in as bad as a position as Greece is currently.
Further you cannot have a high value currency linked to a country with a low value GDP. It creates all sorts of imbalances, one being that a country ends up spending more than it earns.
I.e. if Greece had borrowed say $200 billion Drachma instead of $200 billion Euros and the Drachma was worth say 30% of the Euro then the debt owed would be 1/3rd.
Another example you are paying civil servants in Drachma instead of Euro then they can only go out and afford to buy cheap second hand car because their Drachma does not purchase as much so they do not borrow as much for their car loan etc etc.
Of course many politicians in Greece and Europe who made the decision to go with the Euro currency in the past based it on political reasons and not economic reasons.
