Significant debt forgiveness doesn’t mean equally significant losses for creditors. Financial distress costs are triggered by the perception of a high probability of default. Spain’s creditors, of course, will hate to see their claims on Spain sharply reduced, but this is almost certainly going ...
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The first records of Western manufacture of alpaca wool are from the 1800s, but alpacas were present in Spain soon after the conquest of South America. Since this type of fiber is perceived to have a negligible environmental impact, the popularity of wool made from alpacas is practically guaran...