Global default rates on high-yield bonds ticked up in the third quarter to 2%, from 1.8% in the previous three months, says Moody's Investors Service.
The second largest economy in South America has been shoved out of global capital markets since its default.
Defaults can also generate a ripple effect on other countries near default, leading to a global recession.
This may be as low as Brazil goes barring any major systematic eruption in global stock markets, such as a US downgrade or debt default, which will drag everything down regardless of the fundamentals.
Years of mismanagement, coupled with a lack of access to international credit markets following a massive sovereign debt default in 2001 and failure to normalize relations with global creditors, have left the country a net oil importer in 2011.
If we're "only" talking about a bumpy, anaemic recovery, not a double-dip - and we don't see a game-changer for the global economy in the next few months, like a US default or a meltdown for the euro - these kinds of measures to support the economy look more likely at this stage than another dose of quantitative easing.
Also purchase Renminbi-denominated assets as China, in its attempt to position itself as a global reserve currency, will likely lend support to any company that risks default.
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The default of tiny Iceland in 2009 has been credited with aggravating the global financial crisis.
Fears at home add to global concern that economic growth may slow in the event that Greece winds up in default.
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The resurgence in national prosperity, helped by booming global demand for agricultural commodities, has occurred despite the fact that rancorous disputes over the default have kept the country shut out of international capital markets.
By default, the Federal Reserve is like the central bank to both the U.S. and global economies.
And even getting up to that deadline poses huge problems for the economy because the global economy begins the possibility of the impossible, the unthinkable, which is a U.S. default.
However, it has not yet become so and in that breathing space the global authorities, the EU and the Greek political elite do have the space to do some form of controlled default, as the IMF believed Argentina should have done.
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