The general public are hearing of the phenomenon of the 'bankrupt nation' frequently these days. It's an interesting mental abstraction that conjures up images of wages being cut in half, public servants being laid off en-masse, interest rates on housing and business loans climbing through the roof, people going hungry, etc.
On the other hand, an incredible juxtaposition is revealed as banks, whilst in reality being functionally bankrupt are 'bailed out' by the very governments now described as insolvent!
What's going on? Clearly sources of international finance have become much more important than either national economies and the lives of people who inhabit those countries. How did this extraordinary situation occur?....
Continued at: Do we all share the same future as Greece?