Greek Presidential guards in front of the Greek Parliament where Prime Minister George Papandreo faces a confidence vote.

Editor’s Note: Hans-Joachim Voth is ICREA Research Professor of Economics at Barcelona’s Universitat Pompeu Fabra. Educated in Germany, the UK and Italy, he received his doctorate from Nuffield College, Oxford, in 1996. A former consultant with McKinsey & Company, he has taught at MIT, Stanford, and NYU-Stern. His website is here.

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Hans-Joachim Voth believes Greece in 2011 is similar to Argentina in 2001

In both cases, the exchange rate went han