List of sovereign debt crises

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The list 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 and debt restructuring of independent countries since 1557.[1]

Africa[edit]

Country Date Type, causes, consequences, and references
 Algeria 1991 [citation needed]
 Angola 1976 [2]
1985
1992–2002 [2]
 Cameroon 2004 [2]
 Central African Republic 1981 [citation needed]
1983 [citation needed]
 Côte d'Ivoire 1983 [citation needed]
2000 [citation needed]
2011 [citation needed]
Egypt 1876 The crisis caused the ʻUrabi revolt and the subsequent British invasion of Egypt.
 Egypt 1984 [citation needed]
 Gabon 1999–2005 [2]
 Ghana 1979 [citation needed]
1982 [2]
2022 [3]
 Liberia 1989–2006 [2]
 Kenya 1994 [citation needed]
 Kenya 2000 [citation needed]
 Madagascar 2002 [2]
 Morocco 1983 [citation needed]
1994 [citation needed]
2000 [citation needed]
 Mozambique 1980 [2]
 Nigeria 1982 [citation needed]
1986 [citation needed]
1992 [citation needed]
2001 [citation needed]
2004 [citation needed]
 Rhodesia 1965 [citation needed]
 Rwanda 1995 [2]
 Sierra Leone 1997–98 [2]
 South Africa 1985 [citation needed]
1989 [citation needed]
1993 [citation needed]
 Sudan 1991 [2]
 Tunisia 1867 [citation needed]
1986 [4]
 Zaire 1979 [2]
 Zambia 1983 [citation needed]
2020 Default due to high debt levels following pandemic and commodity price drops. Followed by IMF bailout, 2022. [5]
 Zimbabwe 2000 [citation needed]
2006 See Hyperinflation in Zimbabwe[2]

Asia[edit]

Country Date Type, causes, consequences, and references
 China 1921 [2]
1932 [2]
1939 [2]
 Indonesia 1966 [6]
 Iran 1990 [citation needed]
1992 [citation needed]
 Japan 1942 [citation needed]
1946–52 Due to an over-issued national bond amounting to more than twice as GDP, bank accounts were blocked (bank blockade [ja]) [2]
 Jordan 1989 [citation needed]
 Kuwait 1990–91 [2]
 Lebanon 2020 Lebanon defaulted on US$1.2 billion in Eurobonds.[7]
 Myanmar 1984 [2]
1987 [2]
2002 [citation needed]
 Mongolia 1997–2000 [2]
 North Korea 1975–1990 [8]
 Ottoman Empire 1876 [citation needed]
1915 [citation needed]
 The Philippines 1983 [citation needed]
 Sri Lanka 2022 2019–present Sri Lankan economic crisis[9][10]
 Thailand 1997–2007 1997 Asian financial crisis.
 Turkey 1931 [citation needed]
1940 [citation needed]
1978 [citation needed]
1982 [citation needed]
 Vietnam 1975 [2]

Europe[edit]

Country Date Type, causes, consequences, and references
 Albania 1990 [citation needed]
 Archduchy of Austria 1796 [citation needed]
1802 [citation needed]
 Austrian Empire 1811 [11]
1816 Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank.[11]
1868 [citation needed]
 Austria 1945 [2]
 Bulgaria 1932 [citation needed]
1990 [citation needed]
 Croatia 1993–96 [2]
 Denmark 1813 Danish state bankruptcy of 1813.[2]
 Kingdom of France 1788 On 17 August 1788, the royal treasury began paying creditors in IOUs rather than money after service on debt (mainly from the Seven Years' War and American War of Independence) had depleted the royal treasury to just 400,000 livres (one day's worth of state expenses). To restore state credit, the royal ministry called the Estates General of 1789 to make structural reforms to state revenue.[12]
 France 1797 Deflation after the withdrawal of the assignat and mandat territorial led Finance Minister Dominique-Vincent Ramel-Nogaret to repudiate of 2/3 of French state debt.[13]
 Germany 1812 State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
1932 Under the Versailles Treaty ending the First World War, Germany was forced to make war reparations. The Young Plan of 1929 was meant to settle the structure, but in the Great Depression repayments became impossible. In the Lausanne 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 the London Agreement on German External Debts in 1953.
1939 [citation needed]
1948 See London Agreement on German External Debts[2]
 Hesse 1814 [citation needed]
 Prussia 1807 [citation needed]
1813 [citation needed]
 Schleswig-Holstein 1850 [citation needed]
 Westphalia 1812 [citation needed]
 Greece 1843 [citation needed]
1860 [citation needed]
1893 [citation needed]
1932 [citation needed]
2012 [14]
2015 Due to the Greek government-debt crisis, Greece failed to make a €1.6 billion payment to the IMF on time (payment was made with a 20-day delay[15][16]).
 Hungary 1932 [citation needed]
1941 [citation needed]
 Poland 1936 [citation needed]
1981 [citation needed]
 Netherlands 1814 Instability resulting from the rule of Napoleon I in France
 Portugal 1828 [citation needed]
1837 [citation needed]
1841 [citation needed]
1845 [citation needed]
1852 [citation needed]
1890 [citation needed]
2011 [citation needed]
 Romania 1933 [citation needed]
 Russia 1839 [citation needed]
1885 [citation needed]
1918 Repudiation of Tsarist debts by Bolshevik revolutionaries.[17]
1998 After world commodity prices dropped on major Russian exports (particularly metals and oil) the 1998 Russian financial crisis ensued. Mounting debts led to the government declaring a moratorium on payments to international creditors.
2022 2022 Russian debt default[18]
 Soviet Union 1947 [2]
1957 [2]
 Spain 1557 [19][better source needed]
1575 [19][better source needed]
1596 [19][better source needed]
1607 [19][better source needed]
1627 [19][better source needed]
1647 [19][better source needed]
1652 [19][better source needed]
1662 [19][better source needed]
1666 [19][better source needed]
1809 [citation needed]
1820 [citation needed]
1831 [citation needed]
1834 [citation needed]
1851 [citation needed]
1867 [citation needed]
1872 [citation needed]
1882 [citation needed]
1936–39 [2]
 Sweden 1812 Military expenditures as a consequence of the Napoleonic Wars.[citation needed]
 Ukraine 1998–2000 [2]
 Yugoslavia 1983 Avoided default through a multinational emergency loan.[citation needed]

North America[edit]

Country Date Type, causes, consequences, and references
 Antigua and Barbuda 1998–2005 [2]
 Barbados 2018 Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio.[20]
 Costa Rica 1828 [citation needed]
1874 [citation needed]
1895 [citation needed]
1901 [citation needed]
1932 [citation needed]
1962 [citation needed]
1981 Latin American debt crisis[citation needed]
1983 Latin American debt crisis[citation needed]
1984 Latin American debt crisis[citation needed]
 Dominica 2003–05 [2]
 Dominican Republic 1872 [citation needed]
1892 [citation needed]
1897 [citation needed]
1899 [citation needed]
1931 [citation needed]
1975–2001 Latin American debt crisis[2]
2005 [citation needed]
 El Salvador 1828 [citation needed]
1876 [citation needed]
1894 [citation needed]
1899 [citation needed]
1921 [citation needed]
1932 [citation needed]
1938 [citation needed]
1981–96 [2]
 Grenada 2004–05 [2]
 Guatemala 1933 [citation needed]
1986 [citation needed]
1989 Latin American debt crisis[citation needed]
 Guyana 1982 [citation needed]
 Honduras 1828 [citation needed]
1873 [citation needed]
1981 Latin American debt crisis[citation needed]
 Jamaica 1978 [citation needed]
 Mexico 1827 [citation needed]
1833 [citation needed]
1844 [citation needed]
1850 [2]
1866 [citation needed]
1898 [citation needed]
1914 [citation needed]
1928–30s [citation needed]
1982 Latin American debt crisis
 Nicaragua 1828 [citation needed]
1894 [citation needed]
1911 [citation needed]
1915 [citation needed]
1932 [citation needed]
1979 [citation needed]
 Panama 1932 [citation needed]
1983 Latin American debt crisis[citation needed]
1987 Latin American debt crisis[citation needed]
1988–89 [2]
 Trinidad and Tobago 1989 [citation needed]
 United States 1790 Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790.[21][22][better source needed]
1933 Suspension of federal payments in gold amid a bank crisis and international run on gold reserves[23][2]
1953 Congress refuses to raise the United States debt ceiling, forcing the federal government to reduce spending, monetize gold, and use cash balances with banks until the ceiling was eventually raised.
1995-96 Congress fails to reach agreement with President Clinton on the budget, resulting in the United States federal government shutdowns of 1995–1996; Republicans also threaten not to raise the debt ceiling
2011 2011 United States debt-ceiling crisis
2013 2013 United States debt-ceiling crisis
2023 2023 United States debt-ceiling crisis

South America[edit]

Country Date Type, causes, consequences, and references
 Argentina 1827 Default.[24]
1890 Baring crisis[24]
1982 Latin American debt crisis[24]
1988–89 Latin American debt crisis[24]
2001 Following years of instability, the Argentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations.[24]
2005–16 Argentine debt restructuring.
2014 [25][26]
2020 [27]
 Bolivia 1875 [citation needed]
1927 [2]
1931 [citation needed]
1980 Latin American debt crisis[citation needed]
1986 Latin American debt crisis[citation needed]
1989 Latin American debt crisis[citation needed]
 Brazil 1898 [citation needed]
1902 [citation needed]
1914 [citation needed]
1931 [citation needed]
1937 [citation needed]
1961 [citation needed]
1964 [citation needed]
1983 Latin American debt crisis[citation needed]
1986–87 [2]
1990 [2]
 Chile 1826 [citation needed]
1880 [citation needed]
1931 [citation needed]
1961 [citation needed]
1963 [citation needed]
1966 [citation needed]
1972 [citation needed]
1974 [citation needed]
1983 Latin American debt crisis[citation needed]
 Colombia 1826 [citation needed]
1850 [citation needed]
1873 [citation needed]
1880 [citation needed]
1900 [citation needed]
1932 [citation needed]
1935 [citation needed]
 Ecuador 1826 [citation needed]
1868 [citation needed]
1894 [citation needed]
1906 [citation needed]
1909 [citation needed]
1914 [citation needed]
1929 [citation needed]
1982 [citation needed]
1984 [citation needed]
2000 [citation needed]
2008 [citation needed]
2020 [28][29]
 Paraguay 1874 The payment of loans taken in the English market between 1871-72 was stopped due to bad economic conditions[30]
1892 [citation needed]
1920 The payment of foreign loans was once again suspended due to adverse economic and political conditions[31]
1932 [citation needed]
1986 Latin American debt crisis[citation needed]
2003 [citation needed]
 Peru 1826 [citation needed]
1850 [2]
1876 [citation needed]
1931 [citation needed]
1969 [citation needed]
1976 [citation needed]
1978 [citation needed]
1980 Latin American debt crisis[citation needed]
1984 Latin American debt crisis[citation needed]
 Suriname 2001–02 [2]
 Uruguay 1876 [citation needed]
1891 [citation needed]
1915 [citation needed]
1933 [citation needed]
1937 [2]
1983 Latin American debt crisis[citation needed]
1987 Latin American debt crisis[citation needed]
1990 [citation needed]
 Venezuela 1826 [citation needed]
1848 [citation needed]
1860 [citation needed]
1865 [citation needed]
1892 [citation needed]
1898 [citation needed]
1982 Latin American debt crisis[citation needed]
1990 [citation needed]
1995–97 [2]
1998 [2]
2004 [citation needed]
2017 Venezuela defaulted on US$65 billion in external debt in November 2017 after years of unsustainable borrowing and a crash in global oil prices.[32]

Oceania[edit]

Country Date Type, causes, consequences, and references
 Australia 1931 Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See Great Depression in Australia
 Solomon Islands 1995–2004 [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. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am an ao ap aq ar as at au Reinhart, 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 from the original (PDF) on 16 July 2012. Retrieved 1 May 2014.
  5. ^ "Zambia to default on foreign debt, finance minister says". www.aljazeera.com. Retrieved 2022-11-17.
  6. ^ Arndt1, H. W; Panglaykim, J (1966). "Indonesian economic problems in 1966" (PDF). Intereconomics. 01 (9): 22. 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. Retrieved 2020-03-09.
  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. ^ a b Kann, 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). Retrieved 2 May 2022.
  13. ^ Duncan, Mike (16 August 2015). "3.47 The Directorial Terror". Revolutions (Podcast). Retrieved 16 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. Retrieved 10 September 2018.
  16. ^ "IMF: Greece makes overdue payments, no longer in default". EUBusiness. 20 July 2015. Retrieved 10 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. ^ a b c d e f g h i Fernández-Renau Atienza, Daniel; Howden, David (21 January 2016), Three Centuries of Boom-Bust in Spain, Mises Institute
  20. ^ "Barbados announced a technical default on coupon of Eurobonds with maturity in 2035". www.cbonds.com. Retrieved 2018-06-10.
  21. ^ Chamberlain, John S. (2011-07-14). "A Short History of US Credit Defaults". Mises Institute. Retrieved 2018-06-27.
  22. ^ Kratz, Jessie (2015-05-31). "The Compromise of 1790". Pieces of History. Retrieved 2018-06-27.
  23. ^ Edwards, Sebastian (2018). American Default.
  24. ^ a b c d e Boggiano, Miguel Ángel. "Historia del Default en Argentina". Carta Financiera. Archived from the original on 2016-12-20. Retrieved 2017-11-11.
  25. ^ Russo, Camila (2014-07-31). "Argentina Declared in Default by S&P as Talks Fail". Bloomberg.
  26. ^ D&Apos, Andres (2014-07-31). "Argentina defaults on international debt, blames U.S". Los Angeles Times.
  27. ^ "Argentina strikes deal with major creditors to restructure $65 billion in debt". CNN. 2020-08-04.
  28. ^ Vizcaino, Maria (2 August 2021). "Ecuador Defaulted Last Year. Now Its Bonds Are World's Bes". Bloomberg.
  29. ^ Rapoza, Kenneth (Apr 21, 2020). "The Pandemic Blues: Ecuador Second Latin American Nation To Default In 4 Weeks". Forbes.
  30. ^ 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
  31. ^ Ashwell, Washington (1989). Historia Económica del Paraguay. p. 357-382.
  32. ^ "Venezuela Defaults, What Now?". Forbes. 2017-11-14.

Further reading[edit]

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