*Wall Street Pushed Debt Till the Last*
Even after they became aware in the late 90’s that it was unsustainable, they kept pushing debt at Argentina, which kept gobbling it up. One thing remains constant; the dealer gets off lightly while Argentina turned into a disaster zone. Pakistan has also been for the last 50 years grabbing every single cent offered to it on whatever terms, it’s lucky that Wall Street never turned it’s greedy eyes full blast on Pakistan.
bq.. The fantasyland that Argentina represented for foreign financiers came to a catastrophic end early last year, when the government defaulted on most of its $141 billion debt and devalued the nation’s currency. A wrenching recession left well over a fifth of the labor force jobless and threw millions into poverty.
An extensive review of the conduct of financial market players in Argentina reveals Wall Street’s complicity in those events. Investment bankers, analysts and bond traders served their own interests when they pumped up euphoria about the country’s prospects, with disastrous results.
>> “Washington Post”:http://www.washingtonpost.com/wp-dyn/articles/A15438-2003Aug2.html