@@PoliticsMeme11 countries cannot file for bankruptcy. They can be in "default" and have to renegotiate their debt, but cannot "file to bankruptcy" (file to who, anyway?)
You’re correct that countries don’t file for bankruptcy in the same way companies or individuals do, since there’s no international bankruptcy court to file with. Instead, they face sovereign debt crises and may default on their obligations. Greece’s situation in 2010-2015 is often colloquially compared to bankruptcy because it involved being unable to pay debts, restructuring them, and relying on bailout packages. The EU and IMF stepped in to prevent a complete financial collapse. So while it’s not ‘bankruptcy’ in the strict legal sense, the comparison helps explain the severity of the crisis.
Greece did not go bankrupt
They filed bankruptcy but got saved by the EU
@@PoliticsMeme11 countries cannot file for bankruptcy. They can be in "default" and have to renegotiate their debt, but cannot "file to bankruptcy" (file to who, anyway?)
You’re correct that countries don’t file for bankruptcy in the same way companies or individuals do, since there’s no international bankruptcy court to file with. Instead, they face sovereign debt crises and may default on their obligations. Greece’s situation in 2010-2015 is often colloquially compared to bankruptcy because it involved being unable to pay debts, restructuring them, and relying on bailout packages. The EU and IMF stepped in to prevent a complete financial collapse. So while it’s not ‘bankruptcy’ in the strict legal sense, the comparison helps explain the severity of the crisis.