Sovereign finances survived the global recession, just barely in some cases, but now Puerto Rico and Venezuela are insolvent. While the reasons for their plight may differ, there are lessons common to all defaults that investors and citizens should heed.
![nowrojee3_BENSON IBEABUCHIAFP via Getty Images_nigeriaprotests](https://webapi.project-syndicate.org/library/8a8e0c5f5dc371f1e2bee15977efb2a6.16-9-medium.1.jpg)