Why don’t nations, or in the adopted jargon, sovereign borrowers, simply default on their debt if that could minimise financial burdens? It would appear to be logical to renege on prior commitments when faced with macroeconomic deficiencies or a currency crisis and interruption of foreign exchange flows. Yet, as Roos argues, sovereign defaults have become less common. In fact, even going back in time, despite their higher frequency of occurrence compared to today, sovereign defaults were the undesirable last option. There is much to discover and learn in this dense volume.

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