/367/ Don’t Pay Them Back ft. Jerome Roos
Bungacast
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Unilateral Default and the Depoliticization of Debt
The chapter explores the meaning and historical trajectory of unilateral default in international debt crises, contrasting it with the current era of negotiated restructurings. It discusses the taboo nature of unilateral action and the depoliticization of debt, where all debts are presumed to be repaid in full. The chapter also delves into the mechanisms that prevent debtor countries from defaulting, including coordination by financial institutions, potential financial crises, and the role of pro-creditor factions within debtor governments.
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