Hello, this is The Second Paragraph, and I am Daniel Achebe-Hughes. This week a government missed a payment on its debt, and within an hour every headline contained the word default. I want to take that word apart. What did the country actually owe, to whom, and why does missing one payment matter so much? We will meet the creditors, who include pension funds that might hold your own retirement savings, and we will hear from an economist who sat in the room for two previous restructurings about how those talks really go. Most importantly, we will talk about what a family in that country will notice first, because it is not the bond market, it is the price of flour. Thirty minutes, no jargon left unexplained. You are listening on Witspeak Podcasts.