This is a new president in Buenos Aires.

Aver Milayay much on the move colorful a Beatles haircut a libertarian campaigns with a

chainsaw promising the young people dominantly who voted for him to be the new president of Argentina, president-elect until December 10th,

promising deregulation, denationalization, dollarization.

I welcome Joseph Sternberg in London, a member of the editorial board of the Wall Street

Journal, he writes the political economics column, and because of the success of Mr. Malay in Buenos Aires to win the election,

President-elect Malay is now faced with what is to be done with an economy that approaches 150% inflation, with a

44 billion dollar debt to the IMF it cannot easily repay, and what is to be done.

Joe is going to take us and lead us not to Buenos Aires,

but to Athens, Greece.

Joe, a very good evening to you.

The Prime Minister of Greece, Mr. Mitsatakis, had a better way to dealing with the debt that he inherited

from his predecessors in Greece.

The way forward was not to borrow more money, but and therein lies the mystery.

How does the Greece of then compare to the Argentina of now and how does the remedy that Mr. Mitsutakis employed suit Mr. Malay?

Good evening to you.

Hey John, well I mean what I thought was really interesting about the situation in Argentina right now is that it does in a lot of ways hail back to what was going on in Greece, you know, eight to ten years ago when they were in the midst of their various crises because you had the situation where you had an economy where

you know economic policy had been going badly wrong for a long time you had a lot of

you know product markets that were very tightly regulated. You had a

dysfunctional labor market. You had a lot of problems baked in. You had a

dysfunctional government above everything else that was creating a lot of economic harm.

And what's interesting is that in Greece because the country was in the euro,

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