Argentina had a rapid economic recovery after it defaulted on its foreign debt in 2001.

Why Greece Should Reject the Euro
By MARK WEISBROT
May 9, 2011

The experience of Argentina at the end of 2001 is instructive. For more than three and a half years Argentina had suffered through one of the deepest recessions of the 20th century. Its peso was pegged to the dollar, which is similar to Greece having the euro as its national currency. The Argentines took loans from the International Monetary Fund, and cut spending as poverty and unemployment soared. It was all in vain as the recession deepened.

Then Argentina defaulted on its foreign debt and cut loose from the dollar. Most economists and the business press predicted that years of disaster would ensue. But the economy shrank for just one more quarter after the devaluation and default; it then grew 63 percent over the next six years. More than 11 million people, in a nation of 39 million, were pulled out of poverty.

Within three years Argentina was back to its pre-recession level of output, despite losing more than twice as much of its gross domestic product as Greece has lost in its current recession. By contrast, in Greece, even if things go well, the I.M.F. projects that the economy will take eight years to reach its pre-crisis G.D.P. But this is likely optimistic — the I.M.F. has repeatedly lowered its near-term growth projections for Greece since the crisis began.

The main reason for Argentina’s rapid recovery was that it was finally freed from adhering to fiscal and monetary policies that stifled growth. The same would be true for Greece if it were to drop the euro. Greece would also get a boost from the devaluation’s effect on the trade balance (as Argentina did for the first six months of recovery), since its exports would be more competitive, and imports would be more expensive.

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http://www.nytimes.com/2011/05/10/opinion/10weisbrot.html?_r=1

have universal health care and high speed rail and lots of solar power. We think we know how to do everything better than anyone else, and the US is to chicken to take such as bold step as Argentina. IMO, natch.

We have nothing to learn from other nations.

And here's proof that it happens in both parties: The phrase "Tinfoil Conspiracy Theorist". According to both sides, political conspiracies can't happen in America, only in Russia or other evil nations. America is special -- "Somebody would have talked" is often the rebuttal, overlooking Jimmy Hoffa & millions of other examples, that secrets are impossible for good clean, pure Americans.

and dependence - the IMF is NOT your friend.

heard about the Bolivarian Revolution coming to fruition in several South and Central American countries? Throwing out the foreign oil companies and such? Taxing them and using the money to improve the lives of poor people?

Evo Morales? Dilma Roussief of Brazil? There are many others.