The China Problem
Slate Money
00:00
The Negative Cost of Default
The IMF tried to create this thing called the sovereign debt restructuring mechanism, SDRM like a decade ago that went nowhere. But in order for any of these things to work, you need to get buy in from the large countries who basically control the process. China is undeniably now one of those countries and it's undeniably not being bought in. So therefore that is why almost every country that's in default wants to get out of default and wants to do a restructuring.
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