The story of Argentina’s new default may hint towards a fierce political conflict between the government and opposition, but its message far exceeds the limits of an internal political debate. It is unfortunately further proof of how powerless governments are against the international credit system.
Unfortunately for countries that are faced with the crisis or, worse yet, the consequences of a default, the latest developments in Argentina demonstrate that internal political game may lead to far worse situations than the ones they purport to tackle. It is also proof of how severe the impact of a default may be on the economy and society, even in a country without a work force like ours. For the past 13 years Argentina has tried to overcome the consequences of its first default and is now faced with new problems, due to the impunity of some international speculators.
The threat of payment cessation, or even a unilateral abolition of the debt may sound nice to those who suffer, but they will not only lead to a dead end, so long as the international markets remain dominant, but they also lead to even more painful consequences for society and businesses.
Rather than make loud proclamations and exchange accusations, the Greek political system – which is well aware that the management of the Greek debt is a real problem – ought to set aside the bickering and seek out the widest possible alliances and consent, in order to achieve the greatest possible solution for the country, the economy and the people.
TO VIMA
