ANZ

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    Financial Dictionary

    Dictionary Home The Language of Money - Edna Carew
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    Default

    Failure to do what was legally or morally required, often referring to the failure to pay a debt that has fallen due. Since anything is better for a lender than not being paid at all, banks which have advanced loans to organisations, or even countries, facing liquidity difficulties may avert default by reorganising the loans over longer terms.

    See also: rescheduling.

    Important notice