Argentina

Ignoring the experts has paid off for Turkey

Data: FactSet; Chart: Andrew Witherspoon/Axios

The safety of sovereign debt

Data: Sovereign Default Database; Chart: Naema Ahmed/Axios

For all the geopolitical chaos in the world, one thing has never been safer: Lending money to governments.

Why it matters: It’s been well over a decade since defaulted sovereign debt accounted for even 1% of total world debt. Mega-defaults by Argentina and Greece generated plenty of headlines, but ultimately were relatively small by historical standards. As sovereign debt burdens rise around the world, however, these golden days won’t last forever. Government debt that feels perfectly safe today could turn out to be plenty risky tomorrow.

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