The Argentine government and the Fund are close to a state of open warfare: as the IMF continues to insist that any rescue package for the country depends on commitment to urgent reform, the Argentine finance minister on September 24th threatened to default on the country's debt to the Fund.
In effect, it will be forced to default on its obligations to society.
Twice it has threatened to default on its repayments to the Fund.
There is, therefore, no chance of the government ever having to default on its obligations to borrowers, unless it chooses to do so.
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It is accused probably wrongly of hinting that access to this money would be easier if Ecuador were to default on interest payments to private bondholders.
The first task for the new government, any new government, is to repair some of the damage done by the ill-considered decisions on August 17th to default on Russia's foreign debt and devalue the rouble.
Publicly, world leaders have said there is "no plan" for a Greek default, but reports suggest officials are working on a plan to allow Greece to default on some of its debts and remain in the euro.
His message was clear: The euro zone may cut off funding to the Greek government, forcing it to default on its debts and its obligation to its own citizens, but so long as it took steps to ensure Greek banks remain technically solvent, Greece could stay in the euro indefinitely.
The measure, as you know, that Senator McConnell has proposed would essentially turn authority for raising the debt ceiling -- for being the responsible party and not allowing the United States to default on its obligation -- over to the United States -- the President of the United States rather than the United States Congress, which has traditionally held that responsibility.
The only real solution for insolvent Europe is to explicitly default on the debt to a level that brings PIIGS countries to a debt to GDP ratio below 60%.
If the host government were to default on its commitments, investors should be able to seek redress before special tribunals or national courts.
Were, say, Brazil to default on its debts, even Mr Greenspan would be powerless to stop market meltdown.
The Congress, by threatening to default on our financial obligations, raised questions about our resolve to meet our financial commitments.
It can seem arcane, understandably, when I and others stand up and talk about debt-to-GDP ratios and the need to not default on our obligations and to raise the debt ceiling.
Ecuador recently became the first country to default on its Brady bonds, which were created in the late 1980s to allow developing countries to repackage bad bank loans into new bonds backed by U.S. Treasury securities.
Right now, if Greece were to default on its debt and lose all external financing, it would be forced to immediately cut its non-interest spending from 43.9% of GDP to 39.0% of GDP.
If the parties fail to compromise in time thereby allowing the US to default on its obligations, US debt could be downgraded and that would cause markets to tumble systematically.
When borrowers began to default on their mortgages in sizable numbers, investors questioned whether the insurers had sufficient resources to pay off all the CDOs that they have backed.
Fixed at uneconomic rates, these price controls amount to a default on Argentina's contractual obligations to the utility companies, many of them foreign-owned.
The Senate and House are expected to vote today on a throw together strategy to avoid a default on the debt ceiling ( more on what the debt ceiling is here).
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Thus, should Hambrecht, or any other UFL team owner who offers a personal guarantee to his players, default on his obligation to make payments by October 31, those UFL players who have been wronged should find comfort in hiring an attorney to seek recourse.
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Default swaps in essence grant an option on default to the buyer of protection.
And others may judge that an interest rate big enough to compensate for the risk of default would only add to the pressure on Greece, making default more likely.
The notion that the U.S. is going to default on its debt is just irresponsible.
For instance, companies, like consumers, are more likely to default on loans during times of recession.
Failing to raise the debt ceiling could cause the government to default on its debt.
Once all such devices were exhausted, Mr Geithner warned, the Treasury would have to default on something.
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That Greece is, at some point, going to default on its public debt is a foregone conclusion.
There is a rumor floating around that no deal would cause the US to default on its obligations.
Harrisburg, the state capital of Pennsylvania, was scheduled to default on a 3.3 million dollar bond payment yesterday.
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