All this leads to an obvious conclusion–debt default serves as the solution to an otherwise intractable problem, an unsustainable foreign depth. The problem is not default, the problem is the absence of an international mechanism to bring it about in an orderly manner. But the United Nations Conference on Trade and Development has proposed such a mechanism, which I will discuss in another article.TripleCrisis
Debt Default is a Solution, Not a Problem
John Weeks
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