Argentina too went through a sovereign debt crisis just as Greece is experiencing now. This resulted in social turmoil,rioting,street fights,and worker hardship. Argentina after going through 4 presidents in just one week finally decided to declare a default. Whats next was a disaster.
A 40 per cent drop in GDP; 30 per cent unemployment; 50 per cent of the population fell below the poverty line; dramatic, almost overnight, devaluation against the US Dollar from 1 peso per dollar to 4 pesos per dollar (then it tapered down to 3 pesos per dollar); if you had a US dollar Bank account, the government forced you to change it into pesos at the rate of 1.40 pesos per dollar.
What did Argentina’s government do wrong? In the months leading to collapse it bowed to all the bankers and IMF-mandated measures and “recipes”, which were actually the very cause of collapse: Argentina was loaned far more than it could pay back…. And the banker knew it!
Greece needs to go ahead and deal with the pain now as a sovereign country instead of losing sovereignty and being indebted to bankers at the same time.
We here at Equinox Partners will continue to monitor the situation closely for possible profit opportunities.