A good hard default would make it harder for government to borrow in the future, possibly for generations.
Its all upside :)
Sucks for the bond holders, but sovereign default is a known risk. They've just mispriced it, believing (incorrectly) unlimited state violence will be available to extort future tax revenues to fund today's misrule.
Sad but true, default going to cause stress and discomfort 😕
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The stress and discomfort is already here if you have not recognised.
