July 6, 2011
The situation facing European countries like Greece and Portugal is directly comparable to the economic crisis which hit Latin America in the late 1990s, Andy Brough, co-head of Schroders’ Pan European Small and Mid Cap team, told CNBC Wednesday.
“I get the feeling we’re having an Argentinean re-run,” Brough said. “In Europe, they’ve tried everything to sustain the system but it’s unsustainable.”
Argentina, together with the region’s largest country Brazil and with Uruguay, suffered a sustained economic crisis last decade after building up a huge debt pile.
Argentina in particular continued to borrow heavily from the International Monetary Fund (IMF) without repaying its debts.
This article was posted: Wednesday, July 6, 2011 at 3:39 am