Argentina cautiously watches US debt crisis

The ongoing debt crisis in the US is a painful reminder of Argentina's past when in 2001 the Latin American country defaulted on its debts.

For years, it was the US and developed nations who closely watched as Latin American economies struggled with their debt crises, and in many cases lectured them on what they should do about it.But now it is the other way around, as this region is enjoying years of economic prosperity.Economists in Argentina say a potential US default could spark a domino effect in the Americas and they think governments in Latin American countries should be ready.