In Argentina, "No Turning Back the Clock"

Economy Minister Roberto Lavagna on the pain of privatization and on why reversing course would be a huge mistake

Roberto Lavagna, Argentina's former ambassador to the European Union, is likely to feel little nostalgia for the Continent when he accompanies President Nestor Kirchner to Europe this week. Lavagna has been Argentina's Economy Minister since April, 2002 -- when he was recalled from his EU post to stabilize Argentina's postcrisis economy. He can expect an earful about the mess left on European companies' balance sheets by Argentina's December, 2001, debt default and the peso's consequent devaluation.

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