Monday, May 24, 2010

Greece has defaulted before, and so have many others

USA Today
May 24, 2010

Q: Does Greece have a history of defaulting on its debt?

A: Anytime you think something in financial markets is unprecedented, just speak with a market historian to get some perspective.

Given the random nature of markets, and the importance of money to most cultures, you might be surprised to find out how many times events called "unprecedented" have happened.

Most recently, investors have gotten unnerved about the financial woes of Greece. The idea of a company, much less a country, not being able to pay its debts is staggering. But you might be surprised to learn it's not that unusual.


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