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What happens when a country defaults?

Greece could find itself unable to pay its debts—what would happen if it did?

By Jay Elwes  

A police officer covered with paint during a protest in Athens this month. © MICHAEL DEBETS/NEWZULU/PA Images

Why are we asking this now?

Greece is at risk of defaulting on its debts. It has been funneled huge amounts of money by international organisations such as the IMF, and has borrowed large amounts of money from private investors on international money markets. But the continuing downward trajectory of Greece’s economy and the tough rules that…

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