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Argentine President Declares State of Siege

The Washington Post reports that Argentine President de la Rua declared a state of siege in order to put down riots in cities across the country resulting from a downward economic spiral that has lasted for more than three years. Argentina has been struggling to make payments on over $132 billion dollars in public debt, the by-product of years of runaway government spending.

Argentina had been the leading economy in South America because the rest of its economy has been run in a very sound and responsible manner. Because of the paradox of unchecked government spending and a hard currency economic policy, 18 percent of its able-bodied workers are jobless and 40 percent of its population is now at or below the poverty line.

The situation in Argentina is nothing short of a disaster. Much more attention would be paid to this issue, if the terrorist attacks on the United States had not taken place and war had not subsequently broken out.

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