The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.

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About Andrew Ross Sorkin

Andrew Ross Sorkin was a contemporary American journalist and author. Andrew Ross Sorkin is an American journalist and author. He is a financial columnist for The New York Times and a co-anchor of CNBC's Squawk Box. Read more on Wikipedia →

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