September 3, 2012 – From Crisis to Cooperatives: Lessons from Argentina’s Cartoneros
Over the last few years, Europe has experienced a severe financial crisis, with countries like Greece and Spain facing skyrocketing debt and unemployment. More than a decade ago, a similar situation was unfolding in Argentina. In 2001, the country suffered a debilitating economic crisis and, as a result, defaulted on its foreign debt and stopped pegging the Argentine peso to the U.S. dollar. When the peso to dollar conversion jumped suddenly to three to one, many Argentines lost two-thirds of their savings overnight.