In 1945, Britain borrowed $4.3 billion from the U.S. That money prevented Britain from going bankrupt after World War II.
In 2006, Britain finally paid off the last of that loan.
But when a country can’t pay off its debts, what happens? TIME explains in the above video.
- Zero-COVID Protests in China Have Rattled Global Markets
- Column: Diversity Initiatives Are Failing the U.S. Muslim Community
- Why European Countries Are Giving Teens Free Money To Spend on Books, Music, and Theater
- Republican Skepticism of Trump Has Never Been Higher
- Column: The U.S. Prison System Doesn't Value True Justice
- How Green Is the Qatar World Cup’s Outdoor AC?
- 16 Funny and Whimsical White Elephant Gifts Under $25
- The 5 Best New TV Shows Our Critic Watched in November 2022