Focus on jobsOne of Argentina’s top priorities at the height of the crisis was to create jobs. This, Mr Boudou said, provides a social and economic boost.
Austerity vs recoveryEfforts to cure Europe’s economic woes through austerity measures are drawing increasing opposition, as highlighted by the recent elections in Greece and France. Mr Boudou echoed criticism of the belt-tightening policies.
A key to Argentina’s post-crisis growth was the successful renegotiation of the debt, on which it defaulted, based on its ability to repay in the medium- and long-term. This enabled the South American country not only to repay a large number of its creditors, but also to achieve growth, which had a strong impact on the education sector. Until 2003, Argentina spent 5 % of its GD on debt payments while investing only 2 % in its education system.
Emphasis on education
Following the massive economic crisis of 2001, Argentina managed in a relatively short period of time to strengthen and integrate its social security system. An important component was ensuring the incorporation of long-term unemployed workers.
The key role of social protection
Mr Boudou spoke with ILO during a visit to Geneva, where he held talks with senior officials of the ILO and the International Social Security Association (ISSA).