eli5 Why it’s bad for country to default on it’s debt?
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Because almost nobody is willing to lend money to someone that has demonstrated they won’t pay it back.
Nations borrow money all the time to accomplish a wide range of projects and services.
A nation’s currency is also backed by trust in its government (normally). Default removes the trust that government and the associated currency. This lack of trust leads to devaluation and hyper-inflation.
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