[toyg]

Ish. They still have high inflation levels (which hurt the working classes), low economic activity, and struggle every day.

I agree that state-level credit dynamics are unique, but playing like they don’t matter at all typically lands one into trouble.

[RobertoG]

The problem (one of them) with Argentina is that they don't have industry, so simple like that. That's the trap where many countries are stuck.

Because in order to develop an industry you need investments and protection of the new industry until it's able to compete. Investment can't be only in your currency because you need to import things for the new industry. And protection is "discouraged" by those that are already developed (1).

(1)[pdf] - http://www.personal.ceu.hu/corliss/CDST_Course_Site/Readings...