Draw Me The Economy: How can a country go bankrupt?

Draw Me The Economy is a series of videos explaining the economic news, without political bias. It is a tool offered to all to aid understanding, thanks to the drawings of economic concepts that are part of our daily lives.

[kiesdo]

Alot of countries are going to be the man in this video in the short future

[SuperSmartcore]

So what happens when a country goes bankrupt?
how does it affect the common people?

[badpanda]

The questions is what dose it mean if a country goes bankrupt.. the how is pretty obvious

[jabber]

This seems like a very cruel system for common people. It also seems that the whole of the world's financial system is based on debt. Is that correct?

[rohit]

GR8 PIECE OF ART, KEEP THIS ON
ONE DAY THE VIEWS WILL ALSO RISE

[bballandlacrosse]

This was really helpful and comprehensive! Thank you:)

[carldavies]

Yet countries are borrowing from themselves, showing they dont need to borrow from others.

And where does the money paid in tax come from? Money created when banks issue loans and money created when government spends. Video doesnt mention the whole thing.