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Wall Street Speculators Push Argentina into Default, Endanger World Economy 

http://www.aflcio.org/Blog/Global-Action/Wall-Street-Speculators-Push-Argentina-into-Default-Endanger-World-Economy 

Wall Street speculators are pushing Argentina into default, and the result could be devastating for the people of Argentina and destabilizing for the global economy.

In 2001, after more than four years of severe recession, Argentina defaulted on more than $81 billion in debt, much of which was incurred by a military dictatorship.  The default led to weeks of political instability and chaos, with five presidents in less than two weeks. But after Néstor Kirchner became president in early 2002, Argentina renegotiated its debt with the great majority of creditors and pursued economic policies based on high-quality employment for the first time in decades...