Debt facts

Greece resolved its last sovereign default only in the mid-1960s and Portugal had an International Monetary Fund programme as recently as 1984. (Spain’s modern history is much better, despite holding the record – more than 12 – for most independent sovereign default episodes.)

The article, by Ken Rogoff, lays out a version of what I call Austro-Euro business cycle theory.  It is an especially good short piece.


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