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gjm comments on Stupid Questions April 2015 - Less Wrong Discussion
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I think one defence those debt-holders have is that those countries have traditions of repaying debts.
Another is that, regardless of whether you're formally committed to repaying loans, if you default on one then you or your successors are going to get much worse terms (if any) for future loans. So a national leader who doesn't want to screw the country over is going to be reluctant to default.