Can't pay? Won't pay
In emerging markets, the bond-market dogs lose their bite
“WHEN I come back, I want to come back as the bond market, because then you can intimidate everybody,” said James Carville, Bill Clinton's political adviser, in the 1990s. But the “bond-market vigilantes” are not always as menacing as they once were.
This article appeared in the Finance & economics section of the print edition under the headline “Can't pay? Won't pay”
From the January 27th 2007 edition
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