TeachMeFinance.com - explain Repudiation
Repudiation -- The rejection, in whole or in part, of a contract,
debt or obligation. The term applies in particular to
the rejection or mandatory scaling of its debt by a government.
The word repudiation as applied to the rejection of a debt
by a state was first used in 1841 when the state of Mississippi
repudiated bonds issued to railroad companies which failed to
comply with conditions on which they received them.
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