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Argentina's past and present
The Economist
March 25, 2010

* SIR As an Argentine native I do not question the claim of Argentina to the Malvinas. However, as you correctly pointed out ("The beef in Buenos Aires", February 27th), it is sad to see Argentina's democratically elected government follow the example of the repressive and illegitimate military governments of three decades ago, even though it has fought hard to dissociate Argentina from that legacy.

Argentina's military government took a confrontational approach, occupied the Malvinas and was subsequently defeated. It then reneged on its external debt (through default) and domestic debt (through inflation). The Kirchner dynasty has followed a disturbingly similar pattern. Instead of seeking a co-operative approach with Britain (which has not exactly been forthcoming either) to solve the territorial problem, it is seeking a senseless fight. Similarly, President Cristina Fern ndez de Kirchner does not seem to want to follow a negotiated and fair approach with many private creditors (holdouts) and most official creditors (Paris Club), who are collectively owed more than $30 billion.

Meanwhile, local currency bondholders have been cheated by rigged inflation statistics. Argentina cannot expect to regain the respect and confidence of the international community if it continues on this path. Current and future generations of Argentines certainly will end up paying for the sorry consequences of these acts.

Claudio Loser
Visiting senior fellow
Inter-American Dialogue
Washington, DC

For full text of the article, visit: http://www.economist.com/opinion/displaystory.cfm?story_id=15767227

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