EXPLAINER
Money & global powerWhat actually happens when a country defaults?
Not a switch being flipped — a slow, negotiated mess.
What this covers
- The difference between missed payment, restructuring and repudiation
- Who negotiates and on what timescale
- What happens to ordinary people during and after
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EXPLAINER
Sovereign debt
Who lends to governments, and what happens when it goes wrong.
How the world actually works
EXPLAINER
What is the IMF and why do countries borrow from it?
Lender of last resort — with conditions attached.
Governments & institutions
EXPLAINER
Who owns U.S. government debt?
The answer is less exotic than most viral versions.
Money & global power
EXPLAINER
Central banks
The tools, the mandates and the limits.
How the world actually works