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Club for default

| A whole bunch of the Republicans are spreading the word that a US default would be no big deal; some even claim a default isn't even possible! This is whistling past the graveyard for sure.

It occurred to me to look up what other countries have in recent times defaulted on their debt (GoBankingRates.com). 

Venezuela, August 1998 Venezuela, August 1998 Argentina, January 2002 Argentina, January 2002
Russia, August 1998 Russia, August 1998 Moldovia, June 2001, 2002 Moldovia, June 2001, 2002
Ukraine, September 1998 and January 2000 Ukraine, September 1998 and January 2000 Uruguay, May 2003 Uruguay, May 2003
Ecuador, August 1999 and December 2008 Ecuador, August 1999 and December 2008 Dominican Republic, April 2005 Dominican Republic, April 2005
Peru, September 2000 Peru, September 2000 Belize, December 2006 Belize, December 2000

The ten countries above are ones that defaulted on their national debt. Now let's recall the country that defaulted on its bonds:

Greece 2012

That's right, Greece! After all the caterwauling on the Right that if the US didn't drastically reduce spending it would become Greece!!!, isn't it deliciously ironic that the Right, by leading us to and perhaps over the brink of default, will be responsible for turning the US economy into another Greece!!!

Last updated on Apr 13, 2018



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