While the vast majority of Argentinians only have one thing on their mind for the moment, behind the scenes the country is struggling against time to prevent another debt default by the end of this month.
Argentina has gone through many economical crises, including the default in 2001. Without knowing much about neither national economy, nor what it means to go through a severe crisis or a default, I have to admit that I am a tad bit worried about how a default might affect me.1
I might be ignorant, I might be paranoid, or I might be worrying for nothing, but having heard about the frozen bank accounts, street riots, and sky-high inflation surrounding last time’s default, I am a bit cautious with how I’m spending my money right now.
When I asked my Argentine co-workers about their opinion yesterday, they made me feel a bit stupid about worrying over these matters. It’s as if they are so used to the instability of their economy and politics, so that a debt default is nothing worse than bad weather on your summer holidays — it’s not necessarily something you wish for, but you’ll just have to deal with it.
I will, however, hold on to my Euros as tightly as I can, as they would pay my ticket home in a worst-case scenario.
Call me paranoid.
Edit: International Business Times has a good article on the matter.
1. Of course, I also worry for the Argentinians and my friends down here, but since there isn’t much I can do to help them, I can only make sure that I save my own skin first.