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[–] didntsayeeeee 0 points 1 point (+1|-0) ago 

If a country could just get away with saying "Nyer nyer, we're not paying off our debts" that would fuck the world up.

There needs to be a cost. Like, Greek sovereignty needs to be destroyed, the Greeks moved to Africa and the territory of Greece turned into a German holiday resort where every German gets to leave a towel permanently on a deckchair somewhere.

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[–] ShinyVoater ago 

Historically, sovereigns defaulted all the time(though more options were available to force them to pony up if they owed the wrong people). Debts aren't collected on pain of war anymore, but creditors have so many choices these days that a default generally means that you're not getting lent money until you've taken care of the people you owed.