After Argentina restructured its debt and devalued, it grew rapidly—the fastest rate of growth around the world except for China—from its crisis until the global financial crisis of 2008. Every country is different. Economists debate about how responsive exports and imports are to changes in exchange rates. Argentina benefits, too, from a boom in its exports. But there are some striking similarities: Both countries were being strangled by austerity. Both countries under the IMF programs saw rising unemployment, poverty, and immense suffering. Had Argentina continued with austerity, there would have just been more of the same. The Argentina people rose up and said no. So, too, for Greece: If Greece continues with austerity, it would be depression without end.

The U.S. was generous with Germany as we defeated it. Now, it is time for the U.S. to be generous with our friends in Greece in their time of need, as they have been crushed for the second time in a century by Germany, this time with the support of the troika. At a technical level, the Federal Reserve needs to create a swap line with Greece’s central bank, which—as a result of the default of the ECB in fulfilling its responsibilities—will have to take on once again the role of lender of last resort. Greece needs unconditional humanitarian aid; it needs Americans to buy its products, take its vacations, and show a solidarity with Greece and a humanity that its European partners were not able to display.