Don’t Cry for Argentina

Even though Latin America’s fourth largest country has defaulted for the second time in 13 years, economists say it’s not nearly as bad as last time:

While the country has experienced a decline in growth and is battling high inflation, its economy is far stronger than it was 13 years ago and the debt represents a much lower percentage of its GDP (7 percent vs 40 percent in 2001, according to economists cited in the Christian Science Monitor). In his remarks, [Economy Minister Axel] Kicillof urged the country to keep calm, emphasizing that ‘tomorrow will be another day and the world will keep turning.’

Published by Hector Luis Alamo

Hector received a bachelor's degree in history from the University of Illinois at Chicago, where his concentration was on ethnic relations in the United States. Since then, he has written for various publications, including the RedEye, where he is an opinion columnist. He is a regular contributor for Latino Rebels and a staff writer at La Respuesta, a nationwide publication focused on the Puerto Rican Diaspora. Hector is formerly the managing editor at Gozamos, as well as an associate editor at Being Latino. He also writes fiction and poetry.