What Would Happen If a Country Defaulted on Its Sovereign

Multiple Choice

What would happen if a country defaulted on its sovereign debt?

A) It could lead to a deep recession-the effects of which might spill over into other countries.
B) It is impossible for a country to default on its debt.
C) Nothing,because other countries would step in to rescue the country.
D) The country and all its property would be sold in the international marketplace to the highest bidder in an effort to repay creditors.
E) All the assets of the country's citizens would be confiscated and sold to repay creditors.