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.’

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