There is life after default.
This below chart from Barclays looks at all the world’s key governments, looking at debt and deficit to GDP.
The very best is Chile, which has very little public sector debt, and a government surplus. The country is blessed with commodities, and fast-growing neighbours.
Next best: Russia, which is also blessed with natural resources, but which defaulted back in 1998. There can be life after default.
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