omera, "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."
Argentina is a serial defaulter. They couldn't balance the books of a small kindergarten.
Greece is no better but for the first time the younger generation is pushing to have a say. Greek politics is as you'd expect, corrupt, and the new generation want a generational change from the old ways. And this bailout they see as their last chance.
System manipulation will be rooted out by external forces, streamlining a new economy and giving Greece a real future.
But if is taken from them they will live in squalor and deprivation. There will no be no future but the exploitation of the Greek people.
They can be like this as their proximity to many advanced economies and their recent lift in prosperity has given the young a view beyond the old, established ways.
Argentina is isolated, prone to manipulation from political extremes. Their young can see no further than the Atlantic Ocean.
Greece may default but I can't see the drachma making a comeback.
