This depends. For example, the U.S. has full control over the dollar, and thus, it can print more money as and when it sees fit. However, the major economies of Germany, Italy and France all use the Euro, and thus, they are bound by the authority of the European Central Bank. In the case of emerging countries such as Venezuela, although the government can print more money, its domestic currency is virtually worthless in the open marketplace, meaning that bond holders would still lose out.