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It would mean defaulting on a country's debts.
If you default - or are alleged to default - on, say, a student loan, you can practically be chased forever.
She defaulted on a mortgage this year.
I defaulted on a traditional career path.
"Iceland has never defaulted on a loan and will never default," he said.
No nation has ever defaulted on a bank loan.
(It has yet to default on a note payment).
Argentina defaulted on a $100bn£71bnbn) loan in 2001.
They claim that Forte defaulted on a $280,000 personal loan.
The firm also would default on a $1-million 1-million bank
In response, Jeffrey Goldstein, the US Treasury's under secretary for domestic finance, said: "Congress must act expeditiously to avoid defaulting on the country's obligations and to enact a credible deficit reduction plan that commands bipartisan support".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com