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(Nor is it the case that some combination of debt-to-G.D.P. ratios and S.&P. ratings does better than either one taken alone. Once you'd accounted for a country's debt-to-G.D.P. ratio, the S.&P. ratings would not have improved your projections of default risk by a statistically significant margin).
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Notice of Default is very clear: you have defaulted, you are in default, you are defaultive.
Hence there is zero chance of default.
The government takes the risk of default.
But now introduce the threat of default.
That partly reflects rising fears of default.
Without growth, the spectre of default remains.
One is the risk of default.
There was no threat of default.
"What is the probability of default?
"Any chance of default?" I asked.
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