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Britain is in the grip of a debt crisis.
The financial markets are becoming more and more concerned about the possibility of a debt default.
But unlike America, Spain is on the edge of a debt crisis.
A huge bond swap completed last month was supposed to banish fears of a debt default.
But Mr. McCain waded in again on Wednesday, urging passage of a debt ceiling increase.
Without that assistance, Athens faces the threat of a debt default in March.
(Perhaps that explains why the concept of a "debt limit" is a purely American invention).
Suppose you tried to construct a simple statistical model predicting the likelihood of a debt default.
The spectre of a debt default still looms.Nor is the trouble confined to Turkey and Argentina.
KEVIN ROOSE RESCUE Wilbur Ross is not afraid of a debt crisis.
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But it did scold it for lack of a debt-reduction plan.
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