11 countries close to bankruptcy.......

[jjacob]

It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy

Exactly,a country's falling economy has certain conditions,say political instability or due to ongoing conflicts.Adoption of decentralized currency wouldn't do any good

Adopting a decentralized currency could calm some of the political instability. If the government cannot print money at will (and spend as much money via printing additional money) then there will be less reasons for corrupt politicians to try to come into political power in the first place. 

Corrupt politicians will just spend the money there is. You cannot dissuade them.

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[Skavenger]

Countries close to bankruptcy: its simple, adopt BTC or DIE.

[Febo]

8. Cyprus
9. Greece

They cant bankrupt. Unless they decide so by theyself. They are part of EU. Things was not set perfect 5 years ago, but soon will be. But those 2 countries always had chance to 100% avoid bankruptcy.

[CryptoCarmen]

It is simple you cant live over your possibilities. Once country reach that they need to work half year to just pay off their old debts, they have to think what they do a lot. Their children's will have to pay interests on their easy life now. Unless they will decide to leave your in debt country and go live somewhere where today dont live over their possibilities.

[scryptasicminer]

Just let them go under. Make the banks and creditors take a haircut.

[galbros]

If countries borrow in other currencies they can default and be bankrupt.  Argentina has done this and other nations as well.  However, usually the debt is just restructured.

[STT]

Here is the list if someone want is reluctant to check the article...

1. Ecuador
2. Egypt
3. Pakistan
4. Venezuela
5. Argentina
6. Belize
7. Cuba
8. Cyprus
9. Greece
10. Jamaica
11. Ukraine

I'll know when the world is maybe changing when USA is somewhere on lists like this people make.     Its not even feasible in peoples minds at the moment.
   I mean we could still have Lehmans trading in theory, if they had just got the same finance from their creditors it would not be a problem for them but they got caught out and it was bad luck and of course awful company operation.   USA needs that debt so badly, it can switch to a nasty situation very easily and only massive export production could counteract that kind of effect.  

Not  just USA but any country with over 100% debt vs their GDP.  Japan has a debt problem, their government would go broke but Japanese businesses still bring alot of money to the country, because of that their government siphons off value by issuing more currency.
Also Japan has 1 trillion of USA debt so maybe people should look at this list above and see how much dollars or bonds they hold, its possible they would flush out problems elsewhere as did the Lehman effect

Ecuador and Venezuela have massive oil reserves.   They arent bankrupt with such big assets per capita, more like insolvent perhaps and if it was a company it would reorganised to strip out the wasteful parts like excess bloated government which is not profitable to a country or its people

Unless they decide so by theyself. They are part of EU. Things was not set perfect 5 years ago, but soon will be. But those 2 countries always had chance to 100% avoid bankruptcy.

Theres nothing in EURO that prevents bankruptcy from excess spending.   The real dynamic is these are small countries so the stain they would leave behind on the remaining members is worth avoiding for relatively little cost.   If France were to trip over in a similar fashion and it does have problems, then Europe cannot save them.    Consider that Greece is unable to support others, it has not recovered and the debt it has will be there for decades.    Other nations are similarly weak. 
 If you told me the solution given was an immunity type cure, Greece could be scaled up and so France or similar large failure would supported by previous success then I could see it but nothing was resolved

[meadefreling]

I would say all the fiat system is collapsing, the world needs to go back to gold and/or now adopt BTC.

yes..It is a total myth that fiats last a long time.All fiats die ..all fiats die ..ALL fiats die

The current capitalistic system is doomed and bound to fail at some point.

True, but can BTC going by its present trends revitalize these economies world wide if totally adopted.

[yayayo]

The list is incomplete. Many more countries in Europe, Africa, and even the US are close to bankruptcy.

Moreover, Argentina, Belize, Greece, and Cyprus are not only close to bankruptcy, they are bankrupt already, because they could not repay their bonds in full. Of course it is unlikely that any country will ever officially admit that it is bankrupt.

ya.ya.yo!

[negafen]

The list is incomplete. Many more countries in Europe, Africa, and even the US are close to bankruptcy.

Moreover, Argentina, Belize, Greece, and Cyprus are not only close to bankruptcy, they are bankrupt already, because they could not repay their bonds in full. Of course it is unlikely that any country will ever officially admit that it is bankrupt.

ya.ya.yo!

In rules of court, the company is only bankrupt if they declared it or being sued for it in the event that they are not able to repay the debt.

If those countries can continue to borrow, they can keep delaying the inevitable by kicking the can down the road.

[giveBTCpls]

I wonder how the transition from a country that is about to collapse due not being able to EVER pay fiat debt, get BTC as the official coin? how would this transition happen effectively?

[johny08]

I wonder how the transition from a country that is about to collapse due not being able to EVER pay fiat debt, get BTC as the official coin? how would this transition happen effectively?

what about germany in the 2WW, France before the Revolution without FIAT money? USA prevented bancruptsy in the 80es by going into FIAT. BTC a new Goldstandard? Not possible, so new concepts have to come up.

Is your question: Can a goverment prevent bancruptsy by issuing cryptos instead? I guess, they could do that, besides fiber glass and digital wallets are still more expensive infrastracture as minting and printing. So no.

[wasserman99]

The list is incomplete. Many more countries in Europe, Africa, and even the US are close to bankruptcy.

Moreover, Argentina, Belize, Greece, and Cyprus are not only close to bankruptcy, they are bankrupt already, because they could not repay their bonds in full. Of course it is unlikely that any country will ever officially admit that it is bankrupt.

ya.ya.yo!

In rules of court, the company is only bankrupt if they declared it or being sued for it in the event that they are not able to repay the debt.

If those countries can continue to borrow, they can keep delaying the inevitable by kicking the can down the road.

This is true for companies however countries are not companies. Countries have special sovereign protection and generally cannot be sued unless they agree.

Since most local currencies are not stable creditors often want loans to be denominated in terms of dollars or euros (or another major currency). In the event a country cannot pay they would not be able to "print their way" out of debt. If a country cannot pay their debt they can simply not pay it, however this would make it difficult for the country to do business in the global economy and be able to borrow in the future.