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... ying, “I don’t have cash on hand, so I’ll pay you back later.” A moratorium is usually used in reference to something large-scale—like a nation—because the consequences are on a completely different level than a simple corporate bankruptcy.

Of course, it’s still better than an outright default, which means total non-payment of national debt. But given the enormous scale of money involved in a national economy, a moratorium isn’t far off from a default.

Especially in today’s world ...

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