When a majority isn’t a majority…

A U.S. default would send a shock through the global economy and risk the credibility of the U.S. dollar.  It would also alarm U.S. allies while presenting a gift to its adversaries.

Uganda is heading toward a debt crisis. According to a senior official at the Bank of Uganda, unless the country is able to sustain a growth rate of at least 7 percent—which economic projections show Uganda will not do—the country will default on its payments. As is the case for many African countries, China is Uganda’s largest creditor, making up 39 percent of total debt this past fiscal year. If Uganda defaults, it is unclear how China will react.