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For two decades defaulting on your bonds was not be a big deal- witness Argentina. So a rando local politician thought it wouldn't be a big deal, because that's

For two decades defaulting on your bonds was not be a big deal- witness Argentina. So a rando local politician thought it wouldn't be a big deal, because that's been most of his political career. And the way the bond market is now, it is not nearly as forgiving, so it became an enormous deal.

JamisonM 4y ago
It is not a big deal if Argentina defaults on its bonds because they were already paying a huge premium because everyone expects them to default on their bonds, South Korean governments municipal to federal do not pay that premium because they are considered reliable - if there are doubts no one knows how to price their bonds - so they don't get bought. It has nothing to do with now vs then! If you want an example of now vs then go try to buy some cybersecurity insurance for data breaches or flood insurance.. in those circumstances things have legitimately changed!