When history repeats itself, the first time is a tragedy; the next is a farce.…
Argentina : A cautionary tale from South America Jayati Ghosh
The comprehensive mess in Argentina today almost defies belief. At the turn of the year, the financial and economic collapse was near total, with banks closed, the state of the currency (and even its very existence) in some doubt, rapidly increasing unemployment, decline in almost all public services and shortages of liquidity that threatened access to basic food and necessary goods for survival for much of the population.
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