CNN News - Inflation downplayed as Argentina recovers, Oct 22, 2011

Carmen Perez, a balloon factory supervisor in Buenos Aires, says: "Before, we couldn't buy anything. And now we can. "

STORY HIGHLIGHTS

• Argentina's economy appears strong just a decade after the biggest debt default in history
• Eight years of growth but at a cost to inflation which is officially about 9 percent, and unofficially much higher
• On Sunday, President Cristina Fernandez de Kirchner is expected to win re-election
• Some are now saying Greece should follow Argentina's lead

Buenos Aires, Argentina (CNN) -- In December 2001, Argentina defaulted on $100 billion in debt -- the largest default in history. The move ushered in an era of utter chaos: five presidents in two weeks, cash and food shortages, deadly riots and dire poverty.

According to analysts, the crash occurred because of Argentina's enormous debt load, high public spending and overvalued currency. Greece now carries similar burdens, which has led some observers to suggest that Greece should follow Argentina's example and default and devalue.

With protests still under way in Athens, Greece's future remains murky, but in Buenos Aires, the decade since Argentina's economic collapse has been nothing short of remarkable.