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Montevideo, May 25th 2019 - 23:08 UTC

Nobel laureate praises Argentina; tells US and EU spending is the way out of recession

Tuesday, August 30th 2011 - 03:56 UTC
Full article 5 comments

United States and the European Union “are using the same recipe that the IMF applied on Argentina” to address the current global financial crisis and this only leads to “stagnation” said Nobel laureate Joseph Stiglitz attending a gathering of Nobel Prize recipients and young economists in Lindau, Germany. Read full article


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  • Think

    Needless to say, I agree with Mr. Stiglitz perception of economic realities.
    Or is it him agreeing with my perception of economic realities?
    Anyhow. we fully agree........................

    Aug 30th, 2011 - 04:06 am - Link - Report abuse 0
  • Artillero601

    “spending is the way out of recession .....” Of course it is but how do you spend when unemployment is high, banks don't lend money, applications for mortgages are almost impossible to get, the gas is still at almost 4 dollars and there is a rumor of a second recession ......

    I would like to be a polititian in my country:

    Aug 30th, 2011 - 02:19 pm - Link - Report abuse 0
  • Troneas

    @2. the answer is either using reserves or borrowing. The problem with borrowing is that some organisations (such as the IMF), tend to lend with the condition that spending is reduced. that is what this gentleman is questioning.

    Aug 30th, 2011 - 04:46 pm - Link - Report abuse 0
  • Raul

    Cristina Fernandez de Kirchner has restored dignity to many Argentines.
    The great virtue that can display the model developed country since 2003 is to sustain a steady economic and social growth that reaches all alike.
    The fact is explained to have won by more than 50% in the primaries.
    The universal child allowance in addition to address situations that have not been able to solve, by years of unemployment has also reduced the degree of exploitation that could be achieved by the desperation of the people ...
    This economic growth is supported by a diversified productive matrix also based on value added, employment generation and, crucially, on social inclusion.
    Argentina now has a domestic market growing strong and powerful it grows, consumes and exports growth develops in general in a long time had no country.
    Externally has restored dignity to the Argentine people.
    She has managed to grow global awareness of the conflict. Latin America supports the claims, both as MERCOSUR and UNASUR United Nations.
    It is a way of dealing together with economic and military aggression of the United States and Britain in 500 years of history.

    I recommend reading the following link:

    Aug 30th, 2011 - 07:18 pm - Link - Report abuse 0
  • Forgetit87

    The problem with borrowing is not only the IMF; the main problem is that, if debt grows faster than the ability to repay, creditors will stop lending. Thus we have sovereign debt crisis.

    Aug 30th, 2011 - 07:33 pm - Link - Report abuse 0

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