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The phrase "a wave of defaults" is correct and usable in written English.
It can be used to describe a sudden increase in the number of defaults, typically in a financial context, such as loans or payments.
Example: "The economic downturn led to a wave of defaults among borrowers, causing significant losses for lenders."
Alternatives: "a surge of defaults" or "a spike in defaults."
Exact(33)
"We don't expect a wave of defaults," he says.
Some analysts also fear a wave of defaults on these loans.
Would he really be prepared to trigger a wave of defaults in order to clean up India's bad debts?
A wave of defaults followed, with each collapse setting off the next, like a set of dominoes.
A WAVE OF DEFAULTS Foreclosures surged to a record high in the fourth quarter of last year, putting pressure on plans to assist homeowners.
No one is forecasting a wave of defaults, because the biggest wireless gambles have been taken by well-established telephone companies with billions of dollars in annual sales.
Similar(27)
Investors fret that Ireland's banks might need yet more support if a weak economy spurs a wave of further defaults on property loans.As bad as things are, Ireland is not on the brink of default.
Some analysts see a wave of corporate defaults coming.
A wave of corporate defaults there could turn into a wider emerging markets rout.
Heavily indebted emerging markets could face a wave of corporate/financial defaults.
A wave of municipal defaults could become a huge liability for the central government, which is sitting on about $2 trillion in debt of its own.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com