Jantimot,I would think that a country contemplating default...

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    Jantimot,

    I would think that a country contemplating default needs to be certain that it could stay firmly solvent if only it didn't have pre-existing debts to service.

    That's because the outlook for a country that had defaulted on its debts, and then found that it needed further credit, would, I imagine, be grim.

    I'd also guess that default is more politically embarrassing than printing debts away.

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