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How does a country go bankrupt?

How does a country go bankrupt?
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First Published: Tue, Apr 07 2009. 12 27 AM IST

Updated: Tue, Apr 07 2009. 12 27 AM IST
The notion of a country going bankrupt is a difficult one to imagine, but this is exactly what happened to Iceland earlier this year.
But how can an entire country go bankrupt?
What does bankruptcy even mean when it comes to countries?
On Just to Clarify, we wanted to better understand this concept, and for that we talk to Dr. Subir Gokarn. Dr. Gokarn is at present chief economist at Standard & Poors Asia Pacific, and was formerly chief economist at the National Council for Applied Economic Research.
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First Published: Tue, Apr 07 2009. 12 27 AM IST