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Please pay your debts, Argentina!

When we hear the word ‘default’ we naturally think of the euro. But to many people across the world, ‘default’ is associated with Argentina. In 2001, Argentina committed the greatest default in history and declined to repay $81,000,000,000 that had been lent to it in good faith. Even now, it has not come to terms with all its creditors from that time. It still owes $360m to the USA, £3.79 billion to the Paris Club of creditor states and a […]

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The consequences of the impending national bankruptcies » The Cobden Centre

A fascinating perspective from Robert Thorpe at The Cobden Centre – The consequences of the impending national bankruptcies: The governments of Portugal and Ireland are waiting for Greece to default. If that happens then it will likely trigger the bankruptcy of several European banks*. This is the “Second Lehmann Brothers” the UK press have been discussing that could cause another financial crisis. I think such a crisis is likely to happen, but for political reasons more than economic ones. If one […]

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