Sovereign debt defaults look like they will be the next part of the financial crisis, unless you believe that sovereigns are much more constrained now than there were during the 1980s. I'm sympathetic to the constraint view, but I make no claims about debt load analysis, and I am, after all, a lawyer. Anyway, if I'm right, it will be a triumph of international law and international institutions (particularly the World Bank and IMF). If I'm wrong (and many macroeconomists would bet against me), then it will be bad news, etc. Kim Krawiec has the essential reading for the legal implications of sovereign debt defaults.
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