Argentina is often cited as a precedent for successfully defaulting when it abandoned the policy of pegging it's peso to the dollar. However, Greece faces a number of unique challenges. Unlike Argentina, Greece's economy and foreign policy are deeply intertwined with those of its European partners. Partners whom the Greeks have just greatly annoyed and who have strong incentives to ensure that Greece gets the raw end of the stick for the next few years. Greece also doesn't have a vast quantity of raw materials or finished goods it can export.
And while things went well for Argentina in the short term, they've gone sour with inflation in the long term.
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--Mobilis in Mobili--
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