On a daily basis, we are bombarded with messages in the corporate media that any European Union country defaulting on its debt would constitute armageddon. Greece/Ireland/Spain/choose your country must pay back the banks in full, no matter the social cost, we are told ad infinitum.
Argentina's government defaulted on odious debt and instead spent the money on investments and social services. Argentine workers took over their factories rather than let them be shut. That path was not an easy one, but Argentina's economy was the Western Hemisphere's fastest growing while wages rose and poverty declined... armageddon was not the result. No fire fell from the sky.
Quite the contrary, Argentines soon were far better off by saying no to the pitiless austerity that had been imposed on them.
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