It only happens to others…?

Since 1750, there have been 319 sovereign debt defaults. The impossibility to sustain public spending levels and raise sufficient taxes in economies which were too weak, the lack of selectivity and the low impact of public investments, armed conflicts which lasted too long, or major economic and financial crises have all served to undermine the illusions of many governments in Europe and the Americas over the last three centuries

Are the stakes any different today?

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