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Mr. Rogoff says a senior official in the Japanese finance ministry was offended at the suggestion in "This Time Is Different" that Japan had once defaulted on its debt and sent him an angry letter demanding a retraction.
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It said that I had never, not once, defaulted on any loans.
I hadn't defaulted on anything in 40 years.
Once a borrower has defaulted on a student loan, this can also result in automatically becoming ineligible for some government jobs.
"State and local governments had defaulted on everything.
Just 364 days previously, Russia had defaulted on its debt.
"Iceland has never defaulted on a loan and will never default," he said.
To date, only 10 loans have been defaulted on.
But the company has not defaulted on its loans.
Sometimes, the country has already defaulted on these bonds.
No nation has ever defaulted on a bank loan.
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