Sovereign Man
The
first recorded sovereign default was in the 4th century BC when ten
Greek cities failed to honor loans from the temple of Delos.Most of the borrowers could not pay back what they owed and the temple took an 80% loss on its principal.
(Clearly they did not have Janet Yellen or Ben Bernanke to print money and bail out the system…)
As the saying often attributed to Mark Twain goes, “History doesn’t repeat itself but it often rhymes.”
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