From Ads without Products:
The Kirchner method, rather than starving labor and the state in service of debt repayment, imposes “austerity measures†on the international banks that made the loans (confident that they’ll be back when the situation improves – and they will) and allows leeway in the domestic effects of a financial crisis (i.e. Argentinians weren’t buying Japanese televisions for quite a bit of the decade…) But due to the eurozone arrangement, this way out, whatever the ideological predilections of those in power, is probably off the table now and for a time to come… As it turns out, the eurozone right now looks like an engine for stealing trains from the Greeks to keep Orlando vacations affordable for the Germans…
The whole European project has from the start been designed by technocrats to limit what national governments are able to do, both positively (wage war on each other) and negatively (deviate from neoliberal economic policy). One more obstacle a succesful socialist movement needs to take into account.