What Happens When a Country Defaults on Its Debt? | Economics Channel

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From Spain in 1557 to Lebanon in 2020, hundreds of countries have either defaulted on or restructured their debt throughout history. Countries can behave differently during their default. It is a complex topic and is dependent on a large number of factors. The fallout from these defaults has varied from a non-event (such as with a technical default) to a significant drop in their economy with profound long-term effects that are still ongoing to this day.

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Source:
Joseph Stiglitz – Globalization and Its Discontents
Mark Blyth – Austerity: The History of a Dangerous Idea

#economy #default

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