The dangers of sovereign debt default

Notes from the Bartender

Greece is featuring regularly in the news at present, chiefly because of the possibility that it will not be able to fulfil its sovereign financial obligations and, therefore, may have to default on its debt repayments.  Greek workers are currently striking in protest at the austerity measures that their government is proposing/implementing. These workers are understandably angry that they are paying the price for many years of political mismanagement and corruption.

Greeks need to realise is that the consequences of default may make life even harsher for them than what their government is now proposing. Default is a situation a country should avoid at all costs (no pun intended).  Just because a country defaults does not mean that its debts are forgiven.  In fact, default can place onerous burdens on a country and its peoples for years.  For a start, borrowing money on global markets becomes that much more difficult…

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