Share this article via email Share this article via flipboard Copy link 9. The rightwing media commentator, who once said poor people in debt had no-one to blame but themselves, is applying for a monthly payment system in an effort to control her crippling debt.
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On July 26, Cubans celebrate the 61th anniversary of the July 26, rebel assault which former Cuban leader Castro led on the Moncada army barracks. The attack, held during the annual carnival festivities was a military disaster, with many rebels killed, but started the revolution that led Castro to topple dictator Fulgencio Batista.
After failing to come to an agreement with creditors from its previous default inthe country missed necessary bond payments on July 31, triggering the default announcement. Argentina is not the only country that has struggled, or even failed, to pay its debt in recent years.
It is hardly the only country with a severely impaired credit rating either. A Caa1 rating is several notches below Ba1, which still carries substantial credit risk.
These nations also suffer from vastly different problems. Some nations, such as Ukraine and Egypt, owe their recent downgrades to political conditions. Others, such as Belize and Ecuador, have actually been upgraded in recent years based on their improved financial positions. When a government has a great deal of debt relative to the size of its economy, its credit rating may also be lower.
However, not all countries with low ratings necessarily have a large amount of outstanding government debt. In many cases, these countries simply do not regularly access international bond markets, either because of small financial sectors or because of debt-restructuring agreements.
Borrowing funds in the international bond market can be quite expensive for countries with poor credit ratings. Countries have to pay high interest rates on their debt because because investors require greater returns on what they perceive to be riskier investments.
For example, a year U. Treasury Note pays an annual coupon of just 2. By contrast, a comparable bond recently issued by Jamaica pays out 7. Often, countries that tap into international bond markets do so in other currencies. The main reason to use common currencies -- such as the dollar, yen, and euro -- is that their inflation rates are typically far lower than the currencies of the issuing countries.
This means that investors do not need to worry as much about their investment losing value. In fact, inflation is a major problem in several of the countries with the worst credit ratings. Argentina's inflation rates are likely much higher than reported by government statistics on consumer prices, which were long considered highly unreliable.
A rating of this level indicates considerable credit risk. Because many of these nations have significant debt in other currencies or have otherwise weak currencies, we used foreign currency ratings and outlooks for these nations.
Story Continues These are the 11 countries at risk of default.That wasn’t always the case. Until the late s, Americans unable to pay off education loans were permitted to dispose of them with a Chapter 7 bankruptcy petition. That changed in when U. - 1 - EXECUTIVE SUMMARY In April , General Growth Properties (GGP) filed for Chapter 11 bankruptcy protection, the largest real estate bankruptcy ever at that time.
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