Can argentian model be applied to overcome greek financial crisis?

Abstract

The latest financial crisis that started in Greece and emerged in several European countries is a problem that concerns EU and has to be resolved within the European Union. Through analyses of the similarities and differences of the financial crises in Argentina and Greece this paper tries to give answer if Argentinean successful model can be applied in Greece. Analysts have been emphasizing the possibility of introducing the Drachma instead of the Euro as a national currency. By using the experience from the Argentinean financial crisis in 1999-2002 several different possibilities on resolving Greece financial crisis are analyzed. Argentina changed its currency as one of the steps for solving the financial crisis. The implementation of the Argentinean model will not create the desired effect due to the differences in the economic background and the reflection to other European countries can be problem.

Keywords

• greek financial crisis
• argentinean financial crisis
• introducing the drachma