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AIUI the Argentinian bonds were denominated in $s and so had to be repaid in $s. Argentina had insufficient $s and no lender would accept Pesos in payment. Very different to the UK - gilts are denominated in £s which the UK Government can always repay..Cus said:The market currently charges someone buying insurance against a UK default over the next 5 years a 0.2% a year premium. It's not risk free.
Look up Argentina and their repeated defaults. They also could have just borrowed and printed..but they couldn't really3
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