The Global Financial System is the Problem,
not Countries’ Spending Habits
November 5, 2011
In two separate speeches in Cannes, one to the official G-20 gathering and one to the “B-20” business forum, Argentine President Cristina Fernandez de Kirchner delivered a useful attack on the global financial system’s rampant speculative practices, and slammed the insane austerity measures now being imposed on Greece. She also highlighted the role that rating agencies had played in recent years, in creating the “fiction” that Greece was able to pay its debt, while “punishing” Argentina for not playing by their rules.