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List of sovereign debt crises

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Thelist of sovereign debt crises involves the inability of independent countries to meet its liabilities as they become due. These include:

Debts could be owed either to private parties within a country, to foreign investors, or to other countries.

The following table includes actual sovereign defaults anddebt restructuring of independent countries since 1557.[1]

Africa

[edit]
CountryDateType, causes, consequences, and references
Angola1976[2]
1992–2002[2]
Cameroon2004[2]
Egypt1876The crisis caused theUrabi revolt and the subsequentBritish invasion of Egypt in 1882.
Gabon1999–2005[2]
Ghana1982[2]
2022[3]
Liberia1989–2006[2]
Madagascar2002[2]
Mozambique1980[2]
Rwanda1995[2]
Sierra Leone1997–98[2]
Sudan1991[2]
Tunisia1986[4]
Zaire1979[2]
Zambia2020Default due to high debt levels following theCOVID-19 pandemic and commodity price drops. Followed by theIMFbailout in 2022.[5]
Zimbabwe2006SeeHyperinflation in Zimbabwe[2]

Asia

[edit]
CountryDateType, causes, consequences, and references
China1921[2]
1932[2]
1939[2]
Indonesia1966[6]
Japan1946–52Due to an over-issued national bond amounting to more than twice as GDP, bank accounts were blocked. (bank blockade [ja])[2]
Kuwait1990–91[2]
Lebanon2020Lebanon defaulted onUS$1.2 billion inEurobonds.[7]
Myanmar1984[2]
1987[2]
Mongolia1997–2000[2]
North Korea1975–1990[8]
Sri Lanka2022Sri Lankan economic crisis (2019–2024)[9][10]
Thailand1997–20071997 Asian financial crisis
Vietnam1975[2]

Europe

[edit]
CountryDateType, causes, consequences, and references
Austria1811[11]
1816Caused by theWar of the Sixth Coalition. Ended by the establishment of Austria's central bankOesterreichische Nationalbank.[11]
1945[2]
Croatia1993–96[2]
Cyprus2012-20132012–2013 Cypriot financial crisis
Denmark1813Danish state bankruptcy of 1813[2]
France1788On 17 August 1788, the royal treasury began paying creditors inIOUs rather than money after service on debt (mainly from theSeven Years' War andAmerican War of Independence) had depleted the royal treasury to just 400,000livres (one day's worth of state expenses). To restore state credit, the royal ministry called theEstates General of 1789 to make structural reforms to state revenue.[12]
1797Deflation after the withdrawal of theassignat andmandat territorial ledFinance MinisterDominique-Vincent Ramel-Nogaret torepudiate of 2/3 of French state debt.[13]
Germany1812State spending during theNapoleonic Wars was extremely high due in large manner to the high level of military expenditures.
1932Under theVersailles Treaty ending theFirst World War, Germany was forced to makewar reparations. TheYoung Plan of 1929 was meant to settle the structure, but in theGreat Depression repayments became impossible. In theLausanne Conference of 1932, the UK and France agreed to a suspension of payments. The US Congress rejected it, but payments ceased until the implementation of theLondon Agreement on German External Debts in 1953.
1948SeeLondon Agreement on German External Debts[2]
Greece2012[14]
2015Due to theGreek government-debt crisis, Greece failed to make a€1.6 billion payment to theIMF on time (payment was made with a 20-day delay[15][16]).
Russia1918Repudiation of Tsarist debts byBolshevik revolutionaries.[17]
1998After world commodity prices dropped on major Russian exports (particularly metals and oil) the1998 Russian financial crisis ensued. Mounting debts led to the government declaring a moratorium on payments to international creditors.
20222022 Russian debt default[18]
Spain1936–39[2]
Sweden1812Military expenditures as a consequence of theNapoleonic Wars.[citation needed]
Ukraine1998–2000[2]
Yugoslavia1983Avoided default through a multinational emergency loan.[citation needed]

North America

[edit]
CountryDateType, causes, consequences, and references
Antigua and Barbuda1998–2005[2]
Barbados2018Defaulted on itsEurobonds after the uncovering of its high sovereign debt in terms ofdebt-to-GDP ratio.[19]
Dominica2003–05[2]
Dominican Republic1975–2001Latin American debt crisis[2]
El Salvador1981–96[2]
Grenada2004–05[2]
Mexico1850[2]
1982Latin American debt crisis
Panama1988–89[2]
United States1790Crisis began in 1782. Ended by theCompromise of 1790 and theFunding Act of 1790.[20][21][better source needed]

1814, US defaulted on its debt

1875, US devalued the USD (Specie Act)

1933Suspension of federal payments ingold amid a bank crisis and international run on gold reserves.[22][2]
1953Congress refuses to raise theUnited States debt ceiling, forcing the federal government to reduce spending, monetize gold, and use cash balances with banks until the ceiling was eventually raised.
1995-96Congress fails to reach agreement with President Clinton on the budget, resulting in theUnited States federal government shutdowns of 1995–1996; Republicans also threaten not to raise the debt ceiling.
20112011 United States debt-ceiling crisis
20132013 United States debt-ceiling crisis
20232023 United States debt-ceiling crisis

South America

[edit]
CountryDateType, causes, consequences, and references
Argentina1827Default[23]
1890Baring crisis[23]
1982Latin American debt crisis[23]
1988–89Latin American debt crisis[23]
2001Following years of instability, theArgentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations.[23]
2005–16Argentine debt restructuring.
2014[24][25]
2020[26]
Bolivia1927[2]
Brazil1986–87[2]
1990[2]
Ecuador2020[27][28]
Paraguay1874The payment of loans taken in the English market between 1871-72 was stopped due to bad economic conditions.[29]
1920The payment of foreign loans was once again suspended due to adverse economic and political conditions.[30]
Peru1850[2]
Suriname2020[31]
Suriname2001–02
Uruguay1937[2]
Venezuela1995–97[2]
1998[2]
2017Venezuela defaulted onUS$65 billion in external debt in November 2017 after years of unsustainable borrowing and a crash in global oil prices.[32]

Oceania

[edit]
CountryDateType, causes, consequences, and references
Australia1931Australia defaulted on its entire stock of domestic debt owed to bond and note holders. SeeGreat Depression in Australia.
Solomon Islands1995–2004Default only on domestic debt, not external debt.[2]

See also

[edit]

References

[edit]
  1. ^Reinhart, Carmen M.; Rogoff, Kenneth S. (2009).This Time is Different: Eight Centuries of Financial Folly.Princeton University Press. pp. 23, 87, 91, 95, 96.ISBN 978-0-691-14216-6.
  2. ^abcdefghijklmnopqrstuvwxyzaaabacadaeafagahaiajakalamanaoapaqarReinhart, Carmen M.; Rogoff, Kenneth S. (2011)."The Forgotten History of Domestic Debt"(PDF).Economic Journal.121 (552): 319–350 [pp. 343ff].doi:10.1111/j.1468-0297.2011.02426.x.JSTOR 41236982.S2CID 154398807.
  3. ^Akorlie, Christian; Inveen, Cooper (20 December 2022)."Ghana to default on most external debt as economic crisis worsens".Reuters. Reuters.
  4. ^MZ Bechri."The Political Economy of Development Policy in Tunisia"(PDF). The University of Tunisia. Archived fromthe original(PDF) on 16 July 2012. Retrieved1 May 2014.
  5. ^"Zambia to default on foreign debt, finance minister says".www.aljazeera.com. Retrieved2022-11-17.
  6. ^Arndt1, H. W; Panglaykim, J (1966)."Indonesian economic problems in 1966"(PDF).Intereconomics.01 (9): 22.doi:10.1007/BF02922773.hdl:10419/137641.Archived(PDF) from the original on 2022-03-20 – via EconStor.{{cite journal}}: CS1 maint: numeric names: authors list (link)
  7. ^Azhari, Timour."Lebanon will default on its debt for the first time ever".www.aljazeera.com. Retrieved2020-03-09.
  8. ^Marcus, Noland (2000).Avoiding the Apocalypse: The Future of the Two Koreas. p. 95.
  9. ^"Sri Lanka Announces Defaulting On All Its External Debt".NDTV.
  10. ^"Sri Lanka economic crisis live updates: Sri Lanka defaults on entire $51 billion external debt".Times of India. 20 July 2022.
  11. ^abKann, Robert A. (1980).A History of the Habsburg Empire, 1526-1918. Campus of the University of California: University of California Press (published November 26, 1980). p. 241.ISBN 0520042069.
  12. ^Duncan, Mike (7 September 2014)."3.8 The Day of the Tiles".Revolutions (Podcast). Retrieved2 May 2022.
  13. ^Duncan, Mike (16 August 2015)."3.47 The Directorial Terror".Revolutions (Podcast). Retrieved16 May 2022.
  14. ^Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013).The Greek Debt Restructuring - An Autopsy.
  15. ^"IMF: Greece makes overdue payments, no longer in default".eKathimerini. 20 July 2015. Retrieved10 September 2018.
  16. ^"IMF: Greece makes overdue payments, no longer in default".EUBusiness. 20 July 2015. Retrieved10 September 2018.
  17. ^Kim Oosterlinck.Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign debt Yale University Press. 2016
  18. ^Силуанов: Запад заморозил примерно половину золотовалютных резервов России.Business Gazetta (in Russian). 2022-03-13.
  19. ^"Barbados announced a technical default on coupon of Eurobonds with maturity in 2035".www.cbonds.com. Retrieved2018-06-10.
  20. ^Chamberlain, John S. (2011-07-14)."A Short History of US Credit Defaults".Mises Institute. Retrieved2018-06-27.
  21. ^Kratz, Jessie (2015-05-31)."The Compromise of 1790".Pieces of History. Retrieved2018-06-27.
  22. ^Edwards, Sebastian (2018).American Default.
  23. ^abcdeBoggiano, Miguel Ángel."Historia del Default en Argentina".Carta Financiera. Archived fromthe original on 2016-12-20. Retrieved2017-11-11.
  24. ^Russo, Camila (2014-07-31)."Argentina Declared in Default by S&P as Talks Fail".Bloomberg.
  25. ^D&Apos, Andres (2014-07-31)."Argentina defaults on international debt, blames U.S".Los Angeles Times.
  26. ^"Argentina strikes deal with major creditors to restructure $65 billion in debt".CNN. 2020-08-04.
  27. ^Vizcaino, Maria (2 August 2021)."Ecuador Defaulted Last Year. Now Its Bonds Are World's Bes".Bloomberg.
  28. ^Rapoza, Kenneth (Apr 21, 2020)."The Pandemic Blues: Ecuador Second Latin American Nation To Default In 4 Weeks".Forbes.
  29. ^Prado, Mario L. F. (2022),O Processo de Recuperação Econômica do Paraguai após a Guerra da Tríplice Aliança (1870-1890), University of São Paulo, São Paulo, p. 86
  30. ^Ashwell, Washington (1989).Historia Económica del Paraguay. p. 357-382.
  31. ^"Fitch downgrades Suriname reflecting default".
  32. ^"Venezuela Defaults, What Now?".Forbes. 2017-11-14.

Further reading

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