What exactly happens when a country goes bankrupt? I was reading an article about?
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What exactly happens when a country goes bankrupt? I was reading an article about?
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10 countries that are expected to bankrupt in the near future and I was wondering what happens to them? I mean, who then owns the country? Do they become a dictatorship or bank owned? I did not even know a country could bankrupt!
Additional Details
Thank you guys so much. I was sitting here wondering if 'someone' just started kicking people out of the country... Like I said, I had never even heard of this until today.
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quizzard123
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Bankrupt in this sense means they stop having the ability to serviced their international loans. It means it's impossible for them to borrow money, usually destroying their economy as the government ceases to effectively operate.
The same people 'own' the country, namely the citizens. Governments may fall, but that is separate from the financial aspects. |
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dude I
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If our country continues on the path that it is in the last three months, we may all find out what will happen. |
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Robert G
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Its kind of like when a person goes bankrupt. They can do one of two things:
1) Restructure their debt, get lower interest rates, smaller principle, or smaller payments,
Or
2) Write the debt off of their books, get zero out the account and move on...
Either way, they could potential piss off a substantial creditor who could declare war on the country and take what is owed them by force, assuming the international community would try to stop them |
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Dirk Diggler
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how do you tell a country is bankrupt, have a major event like Katrina and how many years later has it been and most parts are still in shambles, there is a good sign right there of a nation in decline. |
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