Dear ToraToraTora,
Sorry for the delay but other matters tore me away. I'd better make this PART 1 for digestibility.
Despite the truth of my "Britain is bankrupt" statement, you are right that our foreign lenders will not foreclose on us. And yes, most countries are bankrupt by definition. I should have used the word insolvent.
If you pay for aircraft carriers without any aeroplanes you are insolvent but making a futile gesture. Similarly you are insolvent when hundreds of thousands of your citizens are begging for food from charitable food-banks or when hospital patients are left to starve to death through lack of state resources.
Sorry Tora, your mortgage example was a poor one. If you can meet your repayments or an agreed easier alternative (interest-only maybe) on the massive debt you are a going concern and OK. Mortgagers are in it for the profit which comes from part of every penny you repay. Lol, if you choose an endowment mortgage as example you are closer to my original definition of bankruptcy as missing a few payments means foreclosure.
Must stop for now - END OF PART 1.
See you later,
Regards,
SIQ.