, Ecuador, Romania and Ukraine. We show that because default and restructuring are so painful and costly, it is simply not time …

the country’s creditworthiness. Therefore, a default and debt restructuring were inevitable sooner or later—and certainly … about 50 percent of the time. Does that tell you something?” In reality, Greece’s road to default and debt restructuring in … budget deficit and public debt figures. The prosaic tale of the supposed inevitability of the Greek tragedy has been endorsed …