Here’s what it means to default on sovereign debt

Re:  Argentina Loses Debt Appeal

repossessedI have read many otherwise reputable economists state that defaulting on one’s sovereign debt is not such a bad thing, often citing Argentina as an example.  Well, read what sovereign debt default really means.  Your assets, even your military assets, are seized.  Your president doesn’t fly in a private jet, for fear that it will be seized.  And…you wind up paying anyway! Patrick Barron

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