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The Sovereign Default Race Heats Up

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by Felix Salmon
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Oct 08 2008 10:38am EDT

The Sovereign Default Race Heats Up

You thought Iceland was in dire straits? Maybe Pakistan will beat it to the first-to-default finish line!

Pakistan's economic crisis deepened on Monday after the rupee sank to an all-time low and Standard & Poor's, the global rating agency, downgraded the rating on the country's sovereign debt to CCC-plus - a few notches above default level.

Just be thankful that as bad as the credit crisis is getting, this kind of thing is still unthinkable in the US:

Pakistan's illiquid money markets saw volatile call money rates surge to 40 per cent before settling back below 30 per cent.

(HT: Alloway)

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