Argentinski guverner o grckoj krizi

Greece must not follow Argentine example

By Mario Blejer

Should Greece leave the euro to pursue a currency devaluation that could aid its economic recovery, as Argentina did in 2002? Many people have looked to my country for guidance on what Greece should do next. But to assess the options for Greece and for the eurozone, we must first acknowledge the political nature of the euro project and the need for any policy to be sustainable.

The single currency is a political and not an economic project. As an economic venture, it is a flawed proposition: the eurozone is not an optimal currency area and its members, with differing preferences and characteristics, require different interest and exchange rates over long periods. But the euro exists, and it embodies European integration, which is the centrepiece of postwar European politics.