List of sovereign debt crises

From Wikipedia, the free encyclopedia

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

  • A sovereign default, where a government suspends debt repayments
  • A debt restructuring plan, where the government agrees with other countries, or unilaterally reduces its debt repayments
  • Requiring assistance from the International Monetary Fund or another international source

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

Table[]

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

Area Country Date Type, causes, consequences, and references
Asia  Republic of China (1912–49) 1921 [citation needed]
Asia  Republic of China (1912–49) 1932 [2]
Asia  Republic of China (1912–49) 1939 [citation needed]
Asia  India 1958 [citation needed]
Asia  India 1969 [citation needed]
Asia  India 1972 [3]
Asia  Indonesia 1966 [citation needed]
Asia  Iran 1990 [citation needed]
Asia  Iran 1992 [citation needed]
Asia  Japan 1942 [citation needed]
Asia  Japan 1946–52 Due to the over-issued national bond amounted more than twice as GDP, bank accounts were blocked ( [ja]) [2]
Asia  Jordan 1989 [citation needed]
Asia  Kuwait 1990–91 [2]
Asia  Lebanon 2020 Lebanon defaulted on US$1.2 billion in Eurobonds.[4]
Asia  Myanmar 1984 [2]
Asia  Myanmar 1987 [2]
Asia  Myanmar 2002 [citation needed]
Asia  Mongolia 1997–2000 [2]
Asia  North Korea 1975–1990 [5]
Asia  The Philippines 1983 [citation needed]
Asia  Solomon Islands 1995–2004 [2]
Asia  Thailand 1997–2007 1997 Asian financial crisis.
Asia  Turkey 1931 [citation needed]
Asia  Turkey 1940 [citation needed]
Asia  Turkey 1978 [citation needed]
Asia  Turkey 1982 [citation needed]
Asia  Vietnam 1975 [2]
Europe/Asia  Ottoman Empire 1876 [citation needed]
Europe/Asia  Ottoman Empire 1915 [citation needed]
Europe  Albania 1990 [citation needed]
Europe  Archduchy of Austria 1796 [citation needed]
Europe  Archduchy of Austria 1802 [citation needed]
Europe  Austrian Empire 1811 [6]
Europe  Austrian Empire 1816 Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank.[6]
Europe  Austria-Hungary 1868 [citation needed]
Europe  Austria 1938 [citation needed]
Europe  Austria 1940 [citation needed]
Europe  Austria 1945 [2]
Europe  Bulgaria 1932 [citation needed]
Europe  Bulgaria 1990 [citation needed]
Europe  Croatia 1993–96 [2]
Europe  Denmark 1813 Danish state bankruptcy of 1813.[2]
Europe  France 1812 State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
Europe Weimar Republic Germany 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 after the Wall Street Crash, repayments were becoming impossible. In the Lausanne Conference of 1932, the UK and France agreed to a suspension of payments. The US Congress rejected it, but payments were never continued.
Europe  Germany 1939 [citation needed]
Europe  Germany 1948 See London Agreement on German External Debts[2]
Europe Germany -  Hesse 1814 [citation needed]
Europe Germany -  Prussia 1807 [citation needed]
Europe Germany -  Prussia 1813 [citation needed]
Europe Germany -  Schleswig-Holstein 1850 [citation needed]
Europe Germany -  Westphalia 1812 [citation needed]
Europe  Greece 1826 [citation needed]
Europe  Greece 1843 [citation needed]
Europe  Greece 1860 [citation needed]
Europe  Greece 1893 [citation needed]
Europe  Greece 1932 [citation needed]
Europe  Greece 2012 [7]
Europe  Greece 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[8][9]).
Europe  Hungary 1932 [citation needed]
Europe  Hungary 1941 [citation needed]
Europe  Poland 1936 [citation needed]
Europe  Poland 1981 [citation needed]
Europe  Netherlands 1814 Instability resulting from the rule of Napoleon I in France
Europe  Portugal 1828 [citation needed]
Europe  Portugal 1837 [citation needed]
Europe  Portugal 1841 [citation needed]
Europe  Portugal 1845 [citation needed]
Europe  Portugal 1852 [citation needed]
Europe  Portugal 1890 [citation needed]
Europe  Romania 1933 [citation needed]
Europe  Russia 1839 [citation needed]
Europe  Russia 1885 [citation needed]
Europe  Russia 1918 Repudiation of Tsarist debts by Bolshevik revolutionaries.[10]
Europe  Russia 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.
Europe  Soviet Union 1947 [2]
Europe  Soviet Union 1957 [2]
Europe  Soviet Union 1991 In its final monetary reform, the government retired all large ruble notes with severe limits on exchange.
Europe  Spain 1557 [11]
Europe  Spain 1575 [11]
Europe  Spain 1596 [11]
Europe  Spain 1607 [11]
Europe  Spain 1627 [11]
Europe  Spain 1647 [11]
Europe  Spain 1652 [11]
Europe  Spain 1662 [11]
Europe  Spain 1666 [11]
Europe  Spain 1809 [citation needed]
Europe  Spain 1820 [citation needed]
Europe  Spain 1831 [citation needed]
Europe  Spain 1834 [citation needed]
Europe  Spain 1851 [citation needed]
Europe  Spain 1867 [citation needed]
Europe  Spain 1872 [citation needed]
Europe  Spain 1882 [citation needed]
Europe  Spain 1936–39 [2]
Europe  Sweden 1812 Military expenditures as a consequence of the Napoleonic Wars.[citation needed]
Europe  Ukraine 1998–2000 [2]
Europe  United Kingdom 1822 [citation needed]
Europe  United Kingdom 1834 [citation needed]
Europe  United Kingdom 1888–89 [citation needed]
Europe  United Kingdom 1932 See War bond § United Kingdom[12][2]
Europe  United Kingdom 1976 The 1976 IMF Crisis was a financial crisis in the United Kingdom in 1976 which forced the government to borrow US$3.9 billion (US$17.2 billion in 2018) from the International Monetary Fund, the largest loan ever to have been requested from the IMF.[citation needed]
Europe  Yugoslavia 1983 Avoided default through a multinational emergency loan.[citation needed]
Africa  Algeria 1991 [citation needed]
Africa  Angola 1976 [2]
Africa  Angola 1985
Africa  Angola 1992–2002 [2]
Africa  Cameroon 2004 [2]
Africa  Central African Republic 1981 [citation needed]
Africa  Central African Republic 1983 [citation needed]
Africa  Côte d'Ivoire 1983 [citation needed]
Africa  Côte d'Ivoire 2000 [citation needed]
Africa  Côte d'Ivoire 2011 [citation needed]
Africa Egypt 1876 The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt.
Africa  Egypt 1984 [citation needed]
Africa  Gabon 1999–2005 [2]
Africa  Ghana 1979 [citation needed]
Africa  Ghana 1982 [2]
Africa  Liberia 1989–2006 [2]
Africa  Kenya 1994 [citation needed]
Africa  Kenya 2000 [citation needed]
Africa  Madagascar 2002 [2]
Africa  Morocco 1983 [citation needed]
Africa  Morocco 1994 [citation needed]
Africa  Morocco 2000 [citation needed]
Africa  Mozambique 1980 [2]
Africa  Nigeria 1982 [citation needed]
Africa  Nigeria 1986 [citation needed]
Africa  Nigeria 1992 [citation needed]
Africa  Nigeria 2001 [citation needed]
Africa  Nigeria 2004 [citation needed]
Africa  Rhodesia 1965 [citation needed]
Africa  Rwanda 1995 [2]
Africa  Sierra Leone 1997–98 [2]
Africa  South Africa 1985 [citation needed]
Africa  South Africa 1989 [citation needed]
Africa  South Africa 1993 [citation needed]
Africa  Sudan 1991 [2]
Africa  Tunisia 1867 [citation needed]
Africa  Tunisia 1986 [13]
Africa  Zaire 1979 [2]
Africa  Zambia 1983 [citation needed]
Africa  Zimbabwe 2000 [citation needed]
Africa  Zimbabwe 2006 See Hyperinflation in Zimbabwe[2]
Americas  Antigua and Barbuda 1998–2005 [2]
Americas  Argentina 1827 Default.[14]
Americas  Argentina 1890 Panic of 1890[14]
Americas  Argentina 1982 Latin American debt crisis[14]
Americas  Argentina 1988–89 Latin American debt crisis[14]
Americas  Argentina 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.[14]
Americas  Argentina 2005–16 Argentine debt restructuring.
Americas  Argentina 2014 [15][16]
Americas  Argentina 2020 [17]
Americas  Barbados 2018 Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio.[18]
Americas  Bolivia 1875 [citation needed]
Americas  Bolivia 1927 [2]
Americas  Bolivia 1931 [citation needed]
Americas  Bolivia 1980 Latin American debt crisis[citation needed]
Americas  Bolivia 1986 Latin American debt crisis[citation needed]
Americas  Bolivia 1989 Latin American debt crisis[citation needed]
Americas  Brazil 1898 [citation needed]
Americas  Brazil 1902 [citation needed]
Americas  Brazil 1914 [citation needed]
Americas  Brazil 1931 [citation needed]
Americas  Brazil 1937 [citation needed]
Americas  Brazil 1961 [citation needed]
Americas  Brazil 1964 [citation needed]
Americas  Brazil 1983 Latin American debt crisis[citation needed]
Americas  Brazil 1986–87 [2]
Americas  Brazil 1990 [2]
Americas  Chile 1826 [citation needed]
Americas  Chile 1880 [citation needed]
Americas  Chile 1931 [citation needed]
Americas  Chile 1961 [citation needed]
Americas  Chile 1963 [citation needed]
Americas  Chile 1966 [citation needed]
Americas  Chile 1972 [citation needed]
Americas  Chile 1974 [citation needed]
Americas  Chile 1983 Latin American debt crisis[citation needed]
Americas  Colombia 1826 [citation needed]
Americas  Colombia 1850 [citation needed]
Americas  Colombia 1873 [citation needed]
Americas  Colombia 1880 [citation needed]
Americas  Colombia 1900 [citation needed]
Americas  Colombia 1932 [citation needed]
Americas  Colombia 1935 [citation needed]
Americas  Costa Rica 1828 [citation needed]
Americas  Costa Rica 1874 [citation needed]
Americas  Costa Rica 1895 [citation needed]
Americas  Costa Rica 1901 [citation needed]
Americas  Costa Rica 1932 [citation needed]
Americas  Costa Rica 1962 [citation needed]
Americas  Costa Rica 1981 Latin American debt crisis[citation needed]
Americas  Costa Rica 1983 Latin American debt crisis[citation needed]
Americas  Costa Rica 1984 Latin American debt crisis[citation needed]
Americas  Dominica 2003–05 [2]
Americas  Dominican Republic 1872 [citation needed]
Americas  Dominican Republic 1892 [citation needed]
Americas  Dominican Republic 1897 [citation needed]
Americas  Dominican Republic 1899 [citation needed]
Americas  Dominican Republic 1931 [citation needed]
Americas  Dominican Republic 1975–2001 Latin American debt crisis[2]
Americas  Dominican Republic 2005 [citation needed]
Americas  Ecuador 1826 [citation needed]
Americas  Ecuador 1868 [citation needed]
Americas  Ecuador 1894 [citation needed]
Americas  Ecuador 1906 [citation needed]
Americas  Ecuador 1909 [citation needed]
Americas  Ecuador 1914 [citation needed]
Americas  Ecuador 1929 [citation needed]
Americas  Ecuador 1982 [citation needed]
Americas  Ecuador 1984 [citation needed]
Americas  Ecuador 2000 [citation needed]
Americas  Ecuador 2008 [citation needed]
Americas  El Salvador 1828 [citation needed]
Americas  El Salvador 1876 [citation needed]
Americas  El Salvador 1894 [citation needed]
Americas  El Salvador 1899 [citation needed]
Americas  El Salvador 1921 [citation needed]
Americas  El Salvador 1932 [citation needed]
Americas  El Salvador 1938 [citation needed]
Americas  El Salvador 1981–96 [2]
Americas  Grenada 2004–05 [2]
Americas  Guatemala 1933 [citation needed]
Americas  Guatemala 1986 [citation needed]
Americas  Guatemala 1989 Latin American debt crisis[citation needed]
Americas  Guyana 1982 [citation needed]
Americas  Honduras 1828 [citation needed]
Americas  Honduras 1873 [citation needed]
Americas  Honduras 1981 Latin American debt crisis[citation needed]
Americas  Jamaica 1978 [citation needed]
Americas  Mexico 1827 [citation needed]
Americas  Mexico 1833 [citation needed]
Americas  Mexico 1844 [citation needed]
Americas  Mexico 1850 [2]
Americas  Mexico 1866 [citation needed]
Americas  Mexico 1898 [citation needed]
Americas  Mexico 1914 [citation needed]
Americas  Mexico 1928–30s [citation needed]
Americas  Mexico 1982 Latin American debt crisis
Americas  Nicaragua 1828 [citation needed]
Americas  Nicaragua 1894 [citation needed]
Americas  Nicaragua 1911 [citation needed]
Americas  Nicaragua 1915 [citation needed]
Americas  Nicaragua 1932 [citation needed]
Americas  Nicaragua 1979 [citation needed]
Americas  Panama 1932 [citation needed]
Americas  Panama 1983 Latin American debt crisis[citation needed]
Americas  Panama 1987 Latin American debt crisis[citation needed]
Americas  Panama 1988–89 [2]
Americas  Paraguay 1874 [citation needed]
Americas  Paraguay 1892 [citation needed]
Americas  Paraguay 1920 [citation needed]
Americas  Paraguay 1932 [citation needed]
Americas  Paraguay 1986 Latin American debt crisis[citation needed]
Americas  Paraguay 2003 [citation needed]
Americas  Peru 1826 [citation needed]
Americas  Peru 1850 [2]
Americas  Peru 1876 [citation needed]
Americas  Peru 1931 [citation needed]
Americas  Peru 1969 [citation needed]
Americas  Peru 1976 [citation needed]
Americas  Peru 1978 [citation needed]
Americas  Peru 1980 Latin American debt crisis[citation needed]
Americas  Peru 1984 Latin American debt crisis[citation needed]
Americas  Surinam 2001–02 [2]
Americas  Texas 1842 The Republic of Texas devalued chartal notes that it had issued extensively after the Panic of 1837.
Americas  Trinidad and Tobago 1989 [citation needed]
Americas  United States 1780 Devaluation of the Continental dollar to 1/40 of face value[19]
Americas  United States 1790 Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790.[20][21]
Americas  United States 1798 The United States ceased payment of its debt to the overthrown Kingdom of France, prompting the Quasi-War.
Americas  United States 1862 The Greenback Default[22][20]
Americas  United States 1933 Executive Order 6102[2]
Americas  United States 1971 Nixon Shock[23][24]
Americas  Uruguay 1876 [citation needed]
Americas  Uruguay 1891 [citation needed]
Americas  Uruguay 1915 [citation needed]
Americas  Uruguay 1933 [citation needed]
Americas  Uruguay 1937 [2]
Americas  Uruguay 1983 Latin American debt crisis[citation needed]
Americas  Uruguay 1987 Latin American debt crisis[citation needed]
Americas  Uruguay 1990 [citation needed]
Americas  Venezuela 1826 [citation needed]
Americas  Venezuela 1848 [citation needed]
Americas  Venezuela 1860 [citation needed]
Americas  Venezuela 1865 [citation needed]
Americas  Venezuela 1892 [citation needed]
Americas  Venezuela 1898 [citation needed]
Americas  Venezuela 1982 Latin American debt crisis[citation needed]
Americas  Venezuela 1990 [citation needed]
Americas  Venezuela 1995–97 [2]
Americas  Venezuela 1998 [2]
Americas  Venezuela 2004 [citation needed]
Americas  Venezuela 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.[25]
Oceania  Australia 1931 Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See Great Depression in Australia

See also[]

References[]

  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. ^ Jump up to: 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 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. ^ Ghate, Chetan (2012-03-13). The Oxford Handbook of the Indian Economy. p. 627. ISBN 9780199734580 – via Google Books.
  4. ^ Azhari, Timour. "Lebanon will default on its debt for the first time ever". www.aljazeera.com. Retrieved 2020-03-09.
  5. ^ Marcus, Noland (2000). Avoiding the Apocalypse: The Future of the Two Koreas. p. 95.
  6. ^ Jump up to: 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.
  7. ^ Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013). The Greek Debt Restructuring - An Autopsy.
  8. ^ "IMF: Greece makes overdue payments, no longer in default". eKathimerini. 20 July 2015. Retrieved 10 September 2018.
  9. ^ "IMF: Greece makes overdue payments, no longer in default". EUBusiness. 20 July 2015. Retrieved 10 September 2018.
  10. ^ Kim Oosterlinck. Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign debt Yale University Press. 2016
  11. ^ Jump up to: 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
  12. ^ https://www.bondvigilantes.com/blog/2010/02/02/what-happened-the-last-time-the-uk-defaulted/
  13. ^ 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.
  14. ^ Jump up to: 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.
  15. ^ Russo, Camila (2014-07-31). "Argentina Declared in Default by S&P as Talks Fail". Bloomberg.
  16. ^ D&Apos, Andres (2014-07-31). "Argentina defaults on international debt, blames U.S". Los Angeles Times.
  17. ^ "Argentina strikes deal with major creditors to restructure $65 billion in debt". CNN. 2020-08-04.
  18. ^ "Barbados announced a technical default on coupon of Eurobonds with maturity in 2035". www.cbonds.com. Retrieved 2018-06-10.
  19. ^ Murphy, Sharon Ann (2017). Other People's Money. p. 24.
  20. ^ Jump up to: a b Chamberlain, John S. (2011-07-14). "A Short History of US Credit Defaults". Mises Institute. Retrieved 2018-06-27.
  21. ^ Kratz, Jessie (2015-05-31). "The Compromise of 1790". Pieces of History. Retrieved 2018-06-27.
  22. ^ kanopiadmin (2011-07-14). "A Short History of US Credit Defaults | John S. Chamberlain". Mises Institute. Retrieved 2018-06-29.
  23. ^ Ghizoni, Sandra Kollen. "Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls | Federal Reserve History". www.federalreservehistory.org. Retrieved 2018-06-29.
  24. ^ "1971 Termination of Gold/Dollar Convertability - Timeline - Slaying the Dragon of Debt - Regional Oral History Office - University of California, Berkeley". bancroft.berkeley.edu. Retrieved 2018-06-29.
  25. ^ "Venezuela Defaults, What Now?". Forbes. 2017-11-14.

Further reading[]

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