Argentines recall economic crisis 10 years on

• Photograph by Flickr user blmurch and used under a creative commons license.•

In 2001, Argentine people suffered from a huge economic and financial crisis. In order to avoid a run on the banks, the Argentine government only allowed everyone to only withdraw an amount of US $ 250. The money people had saved so far therefore was frozen and they were unable to make major purchases such as buying a house. Some even lost their homes because they were unable to pay off their mortgages. After the economic crisis, inflation had taken place and the saved amounts were worth way less than before. This mainly happened because the Argentine peso was not pegged anymore to the US dollar after the crisis. This introduced free market policies and neoliberal economic regulations such as privatization and deregulation that also affected Argentines economy negatively. Today, the Greece is exposed to the same problems but now is supported by other European financial institutions.
This raises the following questions: Is a capitalist and neoliberal economic structure really the way to complete word-wide welfare?