League Table: The Top Sovereign Default Repeat Offenders 1 comment
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Given news that Ecuador has willfully defaulted on some 2012 bonds -- it could have made the payment, but it chose not to -- it’s worth scanning the league tables of top sovereign default repeat offenders.
As you can see, with this bold move Ecuador has vaulted from a tie for third place with Venezuela to a solo hold on second place. This is going to get interesting. Over to you, Hugo.
Source: Serial Default and the “Paradox” of Rich-to-Poor Capital Flows (2004), C. Reinhart and K. Rogoff.
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A nice reminder that besides Madoff, investment banks, hedge funds and the overpaid and incompetent CEO's that run many of our world's top companies, are not the only investment worry for Joe-Six-Pack's IRA. Countries themselves have willfully stolen investment dollars. As deluded as some Gold Bugs are, there is no denying that physical possession of this asset provides no exposure to the litany of lunatics offering investments based on trust.2008 Dec 16 09:35 AM | Link | Reply
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