So 2015 looks set to be a difficult year for countries struggling under heavy debt burdens. Only two months in and we have already seen precarious economic situations in states, including Greece and Ukraine, worsen substantially. Few would bet against the likelihood of a major debt restructuring in the near future. But have we become too afraid of the word lenders hate to hear — “default?” Here are the key points: The 1980s oil price shock caused widespread defaults in South America, hitting banks hard and freezing affected countries out of international credit markets Europe’s crisis 2010-present saw default risk …read more
Source: Business Insider
