Will El Salvador Default on Its Sovereign Debt in 2023?


More speculatively, El Salvador might be able to secure some financing from large players in the crypto space, the so-called “whales” who want to keep the idea of “nation-state bitcoin adoption” alive. Stablecoin issuer Tether, crypto exchange Bitfinex or others could extend support with a direct loan to the government, by buying domestic bonds or simply depositing U.S. dollars in banks in El Salvador, which the banks could turn around and use to buy government debt.


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