Yes, there were demonstrations in the streets, but there are also on a regular basis in the US. What is your definition of “civil disorder” then? Elections were held, there was no revolution or coup.
My argentinian friends living there described scenes of intense chaos and mass lawlessness—but that might be just a selection bias.
Mexico defaulted (kindasorta) in the 90s without having any more violence than Mexican politics tends to involve. Russia defaulted on the GKO bonds in 1998, without any more violence than post-Soviet politics tends to involve.
I’m convinced! You can have defaults without disasters. I’ll buy some gold and international stocks and bonds to go along with my guns and petrol :-)
We could default and view it as “screw them” act.
Actually, seeing the anemic response from creditors to the Argentina default, contrasted with the howls of “moral hazard” that accompagnied it, it’s strange that countries don’t default more often. Maybe a default is an admission of failure, so leaders don’t want to do it—even if it would be best for their country. Or maybe international diplomacy is restraining them.
Yes, there were demonstrations in the streets, but there are also on a regular basis in the US. What is your definition of “civil disorder” then? Elections were held, there was no revolution or coup.
My argentinian friends living there described scenes of intense chaos and mass lawlessness—but that might be just a selection bias.
Mexico defaulted (kindasorta) in the 90s without having any more violence than Mexican politics tends to involve. Russia defaulted on the GKO bonds in 1998, without any more violence than post-Soviet politics tends to involve.
I’m convinced! You can have defaults without disasters. I’ll buy some gold and international stocks and bonds to go along with my guns and petrol :-)
We could default and view it as “screw them” act.
Actually, seeing the anemic response from creditors to the Argentina default, contrasted with the howls of “moral hazard” that accompagnied it, it’s strange that countries don’t default more often. Maybe a default is an admission of failure, so leaders don’t want to do it—even if it would be best for their country. Or maybe international diplomacy is restraining them.