The payment of debts is necessary for social order. The non-payment is quite equally necessary for social order. For centuries humanity has oscillated, serenely unaware, between these two contradictory necessities. (Simone Weil) 8.01 Debt crises ‘have always been with us and always will be’.2 From the beginning of recorded history, there have been states that have found themselves unable to pay their debts, and the resulting defaults have occurred in every region of the world,3 with greater frequency among developing countries, for which ‘serial default’ has been...
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