Greece did it, and sanctioned by the EU. They cut their deficit by 100 billion euro by decree, by what was called ‘private sector involvement’ which was, functionally, a bond tax.

Instead of another 100 billion of public sector service cuts and tax hikes on the population, they just taxed the holders of Greek bonds. And ostensibly nothing ‘bad’ happened, apart from a few banks changing a few numbers down on their books. Nor did the euro go down or inflation go up or anything else ‘monetary’ go wrong.

Pretty tempting for a new socialist govt in any euro member nation?
No more austerity, just a bond tax instead?
If Greece doesn’t have to pay, why do we?

But, so far, not a word from any of them.
The silence is deafening.
The risk very real.