I was thinking about the Greek crisis. As I understood it they were given extensions and more loans. But what would happen if that option isn’t available? Time for a war?
In: Economics
In the past it would have led war, now it’s just that nobody trusts you and you wouldn’t be able to secure a loan in the future. Following the financial crisis Iceland defaulted on their loans to predominantly British and Dutch stakeholders but very little was done about it.
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