Sentence examples for member defaulted from inspiring English sources
Members acted as guarantors for each other - if one member defaulted, their group became ineligible for a second, often bigger loan.
Iceland has already shown that a banking system may overwhelm the resources of the country that stands behind it.It is still hard to imagine a euro-zone member defaulting.
It created a hierarchy with VSLA members defaulting to him, rather than feeling comfortable in their own leadership.
It was born of Greek leaders who misled the European Union with false economic statistics to gain entry to the euro; of European policy makers who turned a blind eye to Greece's deceptions; of banking regulators who deemed sovereign debt virtually risk-free; and of banks and other investors who, hungering for profits, joined in the groupthink that the euro zone would never let a member default.
Such behavior is encouraged because Grameen does not extend further credit to a group in which a member defaults.
"I don't think you can ever eLONDONte the possibility of anotheReutersn moment - all you can do is try to reduce the chances," said Chris Probyn, ChieFiveonomist at State Street Global Advisors.
The ice has been broken: the European Union has agreed that a euro-zone member can default.
It was the first time euro-zone leaders accepted that a member could default and leave the euro.
The country is insolvent and almost bankrupt after five years of €240bn (£170bn) in European bailouts dried up at the stroke of midnight and it became the first EU member to default on its creditors.
Greece is insolvent and almost bankrupt after five years of €240bn (£170bn) in European bailouts dried up at the stroke of midnight and it became the first EU member to default on its creditors.
Eurozone ministers are due to meet Monday to decide on a new $130 billion bailout Greece needs if it hopes to avoid becoming the first eurozone member to default on its debts and be ejected from Europe's common currency.
