Banking crises traditionally result in "a bunch of sovereign defaults", and this time is no different, Kenneth Rogoff, an academic and former chief economist for the International Monetary Fund (IMF), said on Tuesday.

Rogoff, who recently co-authored This Time is Different, a book on the history of financial crises over eight millennia, told a forum in Japan that markets would ultimately push bond yields up, increasing the cost of borrowing to governments.

"We almost always have sovereign risk