* Post war Germany and Japan. * Tequila effect Mexico. * Post Berlin-Wall-Fall Russia. * 98 Asian Crisis * Corralito Argentina They all have recovered in the long run. Even if they had temporary defaults or currency devaluation, the high interest paid on bonds purchased at a deep discount, makes it very good LONG TERM investments. Alternatives for the future: * Post coup Zimbabwe (we are not there, yet) * Iraq * 2010+ Europe * Post mortgage meltdown USA By the way right now I'm going all-in in the latter one.