What happens if a country goes bankrupt
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14-09-2012, 09:52 AM
What happens if a country goes bankrupt
Hey there, guys

Today I thought about something. As you all now, the USA has borrowed a large amount of money from China over the past couple of years, meaning that they have high debts to pay off. I was wondering about what would happen to the USA and any country basically, if they go bankrupt and they still have to pay the money back?

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14-09-2012, 09:58 AM
RE: What happens if a country goes bankrupt
I dunno, what happened to Greece?

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14-09-2012, 10:08 AM
RE: What happens if a country goes bankrupt
Riots, demand for governing body to piss off, reform demands, suppression.

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14-09-2012, 10:10 AM
RE: What happens if a country goes bankrupt
They cancel american television, and we all start paying attention to what's actually happening in the world?

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14-09-2012, 10:14 AM
RE: What happens if a country goes bankrupt
Cancel american television huh...

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14-09-2012, 10:21 AM
RE: What happens if a country goes bankrupt
I knew I should have clarified my question. What I meant was, what can China do to get their money back, i.e. is the USA forced to sell their property to them or something?

(14-09-2012 09:58 AM)Xinoftruden Wrote:  I dunno, what happened to Greece?
They got lots and lots of financial support, meaning they were never bankrupt to begin with.

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[+] 1 user Likes Vosur's post
16-09-2012, 05:14 PM
RE: What happens if a country goes bankrupt
(14-09-2012 09:52 AM)Vosur Wrote:  Hey there, guys

Today I thought about something. As you all now, the USA has borrowed a large amount of money from China over the past couple of years, meaning that they have high debts to pay off. I was wondering about what would happen to the USA and any country basically, if they go bankrupt and they still have to pay the money back?

To be more precise, we didn't borrow the money directly from China. China just purchased the debt we owed to other nations. Drinking Beverage

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16-09-2012, 05:24 PM
RE: What happens if a country goes bankrupt
The country will just disappear off the face of the planet.

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16-09-2012, 05:48 PM
RE: What happens if a country goes bankrupt
A country can't go bankrupt, just because... If a country has no way to pay for its debt, then it can default its debt, usually leading to renegotiation (interest rates for example) check this article, it's quite complete Big Grin http://en.wikipedia.org/wiki/Sovereign_default

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16-09-2012, 05:52 PM (This post was last modified: 16-09-2012 06:00 PM by kim.)
RE: What happens if a country goes bankrupt
Iceland.

They went bankrupt. Completely and utterly... but I think they actually call it "financial crisis" when it happens to a whole country. They have been pulling out of it now for what... 4... 5 years? Something like that.

They deregulated everything they could - every minute precaution was thrown to the wind - beginning around 2000. Suddenly, they were completely fucked.
Here's another pretty good article.

Sad. Undecided I always wanted to go there... it looks nice. Björk is a little scary if she hasn't eaten but... all in all, it seems quaint. I dig volcanoes. It's considered a success story of the financial meltdown.... probably because it was practically the first to go down.

I think in the end, I just feel like I'm a secular person who has a skeptical eye toward any extraordinary claim, carefully examining any extraordinary evidence before jumping to conclusions. ~ Eric ~ My friend ... who figured it out.
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