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Historically that isn't true,

States have always been able to default on their debts, and other states have always been willing to lend to them again afterwards, as other states are the only game in town.

Any idiot can face a crisis - it's day to day living that wears you out.

by ceebs (ceebs (at) eurotrib (dot) com) on Tue Feb 14th, 2012 at 07:09:03 PM EST
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Historically, states who default on their debts have faced the Gunboat Collection Agency.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Feb 16th, 2012 at 08:29:38 PM EST
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Historically, the Gunboat Collection Agency has considered it unsporting for its victims to field NATO weapons.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 17th, 2012 at 03:02:38 AM EST
[ Parent ]
Which is why I don't really mind the Greek overspending on defence...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Fri Feb 17th, 2012 at 03:46:23 AM EST
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