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Overall, the history of a currency collapse is the holders of bonds, etc., in that currency can suck eggs.  There's no global agency to enforce a legal decision on a national government.  Offsetting that, ss you rightly say. who, what, and how much of these instruments are backed in the new currency depends on the Decision Making of the elites in the defaulting country and the connections (being "one of the kewl kidz") the holders have.

Skepticism is the first step on the road to truth. -- Denis Diderot
by ATinNM on Fri Aug 12th, 2011 at 12:39:27 PM EST
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