Skip to Content

Tag Archives: Delian Default

The Delian Default

By Joel Bowman “Change is the only constant,” observed the pre-Socratic philosopher, Heraclitus, more than two and a half millennia ago. Clever fellow, that ol’ Ephesian. But even if “no man ever steps in the same river twice,” history does tend to rhyme. The tale of sovereign debt defaults, that tragi-comic play in which Greece