Argentina's Problem Was an Over-Valued Dollar, Not Inflation

In an otherwise thoughtful column comparing the current situation with Greece and its options for leaving the euro with the situation of Argentina in its 1998-2002 crisis, Floyd Norris gets a fundamental fact wrong. Norris told readers:

"In 2002, Argentina's currency, the peso, was officially tied to the dollar at a one-to-one parity. There was a "currency board" that was supposed to assure the tie could never be broken, and it had worked for a decade. But Argentine inflation had outpaced...