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I think the reality of the situation is that many investors and sovereign leaders are not convinced there can be a widespread, proximal in terms of chronology, default on sovereign debt across the developed world - most likely due to only observing a data set of recent history dating back no further than the great depression. History shows this to be quite possible. I recommend all read "This Time It's Different" which has gathered sovereign debt default data as far back as 6 centuries. I can save you the time of reading the book - this time in no different that the other times over the past 600 or so years.