[simonebrunozzi]

Instant defaults? Not necessarily.

As long as you find enough buyers for govt bonds, these governments can keep going for several years. But yes, I agree that long term it's going to be a serious issue. Defaults wouldn't be "instant", though, as you say.

[heurisko]

Southern European states, such as Greece are already bankrupt--they are just in the European Union's debtor's prison.

There is a fundamental schism in the EU, and that is they share a currency, without a common fiscal policy. It's a problem that will never go away, until member states cede power to set budgets, pensions, etc. to the EU, which I can't see happening.

https://www.theguardian.com/commentisfree/2018/aug/26/greece...