Just when it looked like the European Union's bailout would begin to stabilize Greece, the situation got more complicated. On Monday, Greek Prime Minister George Papandreou announced he’d call a public referendum so Greeks could vote on whether to accept the latest package.
The move shocked just about everyone. Market jitters ensued. Greece’s finance minister checked into a clinic, citing severe stomach pains.
Some economists say Greece's troubles look a lot like Argentina's did in 2002, when, after years of massive inflation and bad policy, the country experienced a messy default.
We discuss the lessons of Argentina’s economic collapse and subsequent rebound with Stephen Nelson, a professor of political science at Northwestern University who studies the politics of debt and has been following Greece closely.