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Guzman, Martin

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El Huffington Post - Spain | 03/07/2015

There is life after default

Greece is in a similarly difficult situation to the one Argentina faced in 2001, economists Joseph Stiglitz and Martin Guzman point out in the centre-left web paper El Huffington Post: "In both countries, recessions turned into depressions as a consequence of austerity policies - making the debt even more unsustainable. In both cases, the policies were demanded as a condition for assistance. Both countries had rigid currency arrangements that gave them no possibility for running expansionary monetary policies during the recession. In both countries, the IMF got it wrong, providing alarmingly flawed forecasts of the consequences of the imposed policies. Unemployment and poverty soared, and GDP plummeted. ... Defaults are difficult. But even more so is austerity. The good news for Greece is that, as Argentina showed, there may be life after debt and default."

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