Bankruptcy on a big scale

Golem | 00:17 Fri 14th Apr 2006 | Business & Finance

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Can a country declare itself bankrupt and if so, what are the consequences?

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Catso

I suppose they could, but they never do. What would be gained?

Look at the USA today - $trillions in debt, and no prospect of ever paying it back! Technically, they are bankrupt.

And Weimar(?) Germany; they 'went bankrupt' - just said 'we aren't honouring Marks any more, we have this new currency to replace it'.

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