Yet Argentina had destroyed their economy for 25 years because they won't act responsible and institute policies of austerity. This just keeps happening to them.

Other countries in the same bed that have ignored austerity policy, Venezuela, Zimbabwe, Sudan...

So ya it is actually a necessity unless your fine with triple digit inflation year after year.

[–] elouboub@kbin.social 2 points 1 year ago

According to a 2020 study, austerity increases the risk of default in situations of severe fiscal stress, but reduces the risk of default in situations of low fiscal stress.

https://en.wikipedia.org/wiki/Austerity#Empirical_considerations

Hammer, see nail.