What can Greece learn from Argentina's default experience?

BBC News

Owen Bennett-Jones
June 30, 2015

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A Greek exit from the eurozone could have far more negative consequences than many analysts realise, warns Domingo Cavallo, Argentina's Minister of the Economy at the time of that country's default in 2001.

Having been at the heart of government in Buenos Aires during the slow, inexorable slide to financial collapse, Mr Cavallo is attuned to the magnitude of the perils now facing the Greeks.

"Defaulting not only on the foreign debts but also on the domestic debts and all foreign contracts at the beginning of 2002 was really a tragedy for Argentina," he told the BBC's Newshour Extra programme. …

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