Nobody's Default

Quote of the day, with an historical perspective, from Jonathan Compton:

It is also worth noting that for many countries default is their normal condition. Spain is the winner, officially defaulting 18 times since 1550. Greece has done so five times since its re-creation in the 1820s, and has been barred international borrowing for 110 years out of the last 190.

But this time is different, of course...