the squeeze ends when a) the debts are defaulted on and/or enough money is created to alleviate the squeeze, b) the debt service requirements are reduced in some other way (e.g., forbearance) and/or c) the currency depreciates much more than inflation picks up, so that the country’s assets and the items it sells to the world become so competitively priced that its balance of payments improves. But a lot depends on politics. If the markets are allowed to run their courses, the adjustments eventually take place and the problems are resolved, but if the politics get so bad that productivity is
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