May 20, 2020
We need look no further than Turkey to understand the potential disaster faced by countries unable to keep up with general obligations. With dwindling foreign reserves of any kind and hefty debt, the country is forced to turn to allies for help, including U.S. swap lines. With tourism effectively halted, the country faces a significant risk of defaulting on its obligations in the coming months.
Jordan Schneir May 20, 2020