Luck for the Lady President

This past Sunday Argentines reelected president Cristina Kirchner. Like all good politicians lady luck has been with her. Argentina pulled out of its ’01 financial meltdown by; not paying its bills, devaluing its currency and defaulting on its debts. Miraculously, this worked (8% annual real GDP growth) because commodity prices began rising in late ’01 and have remained high ever since due to strong emerging market demand.