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Sovereign Debt - Is There Historical Parallels?
Russia has defaulted on its a couple of times previously, but how much do those historic situations actually apply to current events? It is tempting to say that there aren't historical precedents, and there probably isn't anything directly on point. But in the last century and the century prior, where there was lots of sovereign debt being issued, most sovereign debt was issued in order to finance wars. And when war would break out, some countries stopped paying because they had to use the money to fight wars,. or they stopped paying because some of the investors were located in the country that it was fighting against. So many of the questions that we are asking to day, literally to day, did