Architect of Argentine financial recovery urges Greece to renegotiate its debt

Economic Indicators Associated Press

As Argentines closely watch the financial turmoil in Greece recalling their own worst crisis 14 years ago, the architect of the South American country's recovery has a message for the European nation: renegotiate your debt.

Continue Reading Below

Former Economy Minister Roberto Lavagna is credited with playing a key role in Argentina's recovery after its $100 billion default in 2001. He said Tuesday that a "strong restructuring" of the Greek debt is the way to help Greece come out of its crisis and avoid conflict within the European Union.

Greece is in a financial limbo now that its bailout program has expired, cutting it off from vital financing and pushing it one step closer to leaving the euro. The country has put limits on cash withdrawals in order to keep banks from collapsing.