No, that risk always existed. When the Communists took over Russia, they did not bother to honor all of the Tsarist debts. A country is not like a company. Sovereign default is always a choice. That is what it means to be sovereign.
There have been over 70 incidents of overt domestic default since 1800. The United States defaulted in 1790, when a portion of the interest it owed was deferred for 10 years, and technically defaulted again in 1933 when it abrogated the gold clause.
There have been over 70 incidents of overt domestic default since 1800. The United States defaulted in 1790, when a portion of the interest it owed was deferred for 10 years, and technically defaulted again in 1933 when it abrogated the gold clause.