ZeroHedge chronicles Latin American debt defaults “as far back” as 20 years ago.
Latin America has been defaulting since the late 1800’s and it’s only accelerated as they became more and more socialist. To underline the connection between socialism and default it is important to note that Chile, which has been embraced capitalism and free markets since the early 1980’s, is the only country doing well since then.
Argentina was one of the top ten economies in the world pre-WWI but has been a serial defaulter since socialism has taken hold there.
Well, if your understanding of history only goes back to the Clinton Administration and the Tequila Crisis don’t be surprised when the same old mistakes are repeated over and over.