Term
Default
The inability of a borrower, such as a government, to pay its debts on time and in full.
Boomerang: Travels in the New Third World, Michael Lewis
Explained in
- Boomerang: Travels in the New Third World, Michael Lewis
- When Genius Failed: The Rise and Fall of Long-Term Capital Management, Roger Lowenstein
When a borrower, a government included, fails to pay its debts on time.