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Greece: The upside of default
It now seems inevitable that Greece will default on its debts, with all sorts of disastrous scenarios being discussed, particularly if it has to leave the euro. But I know from my experience of working with Jubilee 2000 to "drop the debt" of poor countries in Africa and Latin America that there is life and economic recovery after sovereign debt crises. Countries that defaulted in the 1990s suffered recessions that lasted briefly. Then came the rebound, as Arvind Subramanian of the Petersen Institute shows. Argentina grew by 8% after its default, Russia by more than 7%, and Indonesia by 5% after its crisis. Of course ... (full story)
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