Up Against a Wall of Debt, Part II
Are the United States, Japan, Great Britain, and other first-world nations in danger of defaulting on their debt? In my latest NEWSWEEK column, I suggested that the unthinkable had become thinkable: some advanced society—say, the United States, Spain, Italy, Japan, or Great Britain—might someday default on its government debt. It wouldn't pay its creditors all they were owed or wouldn't pay them on time. Just a few days later, and completely coincidentally, the International Monetary Fund (IMF) issued a report that, without saying so, added credence to this unsettling hypothesis. The report, done by IMF staff economists, comes with the...
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Tags: Credence, Creditors, Few Days, government debt, Great Britain, Hypothesis, Imf Staff, International Monetary Fund, International Monetary Fund Imf, Italy, Japan, Newsweek, Newsweek Column, Spain, Staff Economists, United States, Unthinkable