With the European Union in the midst of a severe debt crisis, foreign ministers of the eurozone are meeting this week to discuss remedies for their financial troubles. Latin America went through a difficult debt crisis of their own back in the 1980s, which is often referred to as the "Lost Decade." What lessons can Europe learn from Latin America to help prevent their own lost decade? We speak with Arno Tausch, assistant professor of political science at Innsbruck University in Austria, and guest professor of economics at Corvinus University, in Budapest. And Harold James, professor of international affairs in the Woodrow Wilson School at Princeton University.

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