5 ms·
> Spain defaulted 9 times This was all before 1900 though, things have changed quite a bit since then.
by gebruikersnaam 8y ago
> Spain defaulted 9 times
This was all before 1900 though, things have changed quite a bit since then.
- ItsMe000001 8y agoThey have? Details, sure, like structure of debt and who the creditors are (things like the IMF didn't exist previously), but countries still default. https://www.rstreet.org/2016/02/22/countries-dont-go-bankrupt-the-20th-century-proves-otherwise/ https://www.rstreet.org/2016/02/22/countries-dont-go-bankrup... https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises https://www.bankofcanada.ca/wp-content/uploads/2016/06/r101-revised-june2017.pdf https://www.bankofcanada.ca/wp-content/uploads/2016/06/r101-... In any case, defaulting on debt is completely natural. It is what's part of how the system is supposed to work. If lenders didn't pay attention, out of lack of knowledge or willfully, and the debtor cannot repay, that's it. There has been a very successful campaign that strengthened the side of the lenders, big and small, over many decades - not necessarily consciously and deliberately (not a concerted effort). It's been successfully made into a moral issue.