Quote:
Originally Posted by Chris
There has been a lot of wilful misunderstanding of this point from the Yes camp. They keep saying "you can't default on a debt you don't have", but they conveniently forget that actual default is but one of many factors the ratings agencies look at when deciding a score.
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Yup and even then the credit score is a debatable concept. The UK was downgraded but we didn't have to pay higher interest rates. Ultimately investors buy Government debt and use their own criteria for doing so. There is a marked contrast between Osbourne who immediately ensured the markets that the UK will honour all the debt and Salmond playing games with the 'we may/we may not' pay off debt.
Whatever happens the willingness to play games with other people's money will not inspire them to give you more cheaply.