List of sovereign debt crises

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.

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
Asia Republic of China (1912–49)1932[2]
Asia Republic of China (1912–49)1939
Asia India1958
Asia India1969
Asia India1972[3]
Asia Indonesia1966
Asia Iran1992
Asia Iran1990
Asia Japan1942
Asia Japan1946–52Due to the over-issued national bond amounted more than twice as GDP, bank accounts were blocked (bank blockade) [2]
Asia Jordan1989
Asia Kuwait1990–91[2]
Asia Lebanon2020Lebanon defaulted on US$1.2 billion in Eurobonds.[4]
Asia Myanmar1984[2]
Asia Myanmar1987[2]
Asia Myanmar2002
Asia Mongolia1997–2000[2]
Asia North Korea1975–1990[5]
Asia The Philippines1983
Asia Solomon Islands1995–2004[2]
Asia Sri Lanka1980
Asia Sri Lanka1982
Asia Sri Lanka1996[2]
Asia Thailand1997–20071997 Asian financial crisis.
Asia Turkey1931
Asia Turkey1940
Asia Turkey1978
Asia Turkey1982
Asia Vietnam1975[2]
Europe/Asia Ottoman Empire1876
Europe/Asia Ottoman Empire1915
Europe Albania1990
Europe Archduchy of Austria1796
Europe Archduchy of Austria1802
Europe Austrian Empire1811[6]
Europe Austrian Empire1816Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank.[6]
Europe Austria-Hungary1868
Europe Austria1938
Europe Austria1940
Europe Austria1945[2]
Europe Bulgaria1932
Europe Bulgaria1990
Europe Croatia1993–96[2]
Europe Denmark1813Danish state bankruptcy of 1813.[2]
Europe France1812State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
Europe Germany1932Under 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 Germany1939
Europe Germany1948See London Agreement on German External Debts[2]
EuropeGermany -  Hesse1814
EuropeGermany -  Prussia1807
EuropeGermany -  Prussia1813
EuropeGermany -  Schleswig-Holstein1850
EuropeGermany -  Westphalia1812
Europe Greece1826
Europe Greece1843
Europe Greece1860
Europe Greece1893
Europe Greece1932
Europe Greece2012[7]
Europe Greece2015Due 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 Hungary1932
Europe Hungary1941
Europe Poland1936
Europe Poland1981
Europe Netherlands1814Instability resulting from the rule of Napoleon I in France
Europe Portugal1828
Europe Portugal1837
Europe Portugal1841
Europe Portugal1845
Europe Portugal1852
Europe Portugal1890
Europe Romania1933
Europe Russia1839
Europe Russia1885
Europe Russia1918Repudiation of Tsarist debts by Bolshevik revolutionaries.[10]
Europe Russia1998After 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 Union1947[2]
Europe Soviet Union1957[2]
Europe Soviet Union1991In its final monetary reform, the government retired all large ruble notes with severe limits on exchange.
Europe Spain1557[11]
Europe Spain1575[11]
Europe Spain1596[11]
Europe Spain1607[11]
Europe Spain1627[11]
Europe Spain1647[11]
Europe Spain1652[11]
Europe Spain1662[11]
Europe Spain1666[11]
Europe Spain1809
Europe Spain1820
Europe Spain1831
Europe Spain1834
Europe Spain1851
Europe Spain1867
Europe Spain1872
Europe Spain1882
Europe Spain1936–39[2]
Europe Sweden1812Military expenditures as a consequence of the Napoleonic Wars.
Europe Ukraine1998–2000[2]
Europe United Kingdom1822
Europe United Kingdom1834
Europe United Kingdom1888–89
Europe United Kingdom1932See War bond § United Kingdom[12][2]
Europe United Kingdom1976The 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.
Europe Yugoslavia1983Avoided default through a multinational emergency loan.
Africa Algeria1991
Africa Angola1976[2]
Africa Angola1985
Africa Angola1992–2002[2]
Africa Cameroon2004[2]
Africa Central African Republic1981
Africa Central African Republic1983
Africa Côte d'Ivoire1983
Africa Côte d'Ivoire2000
Africa Côte d'Ivoire2011
Africa Egypt1876The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt.
Africa Egypt1984
Africa Gabon1999–2005[2]
Africa Ghana1979
Africa Ghana1982[2]
Africa Liberia1989–2006[2]
Africa Kenya1994
Africa Kenya2000
Africa Madagascar2002[2]
Africa Morocco1983
Africa Morocco1994
Africa Morocco2000
Africa Mozambique1980[2]
Africa Nigeria1982
Africa Nigeria1986
Africa Nigeria1992
Africa Nigeria2001
Africa Nigeria2004
Africa Rhodesia1965
Africa Rwanda1995[2]
Africa Sierra Leone1997–98[2]
Africa South Africa1985
Africa South Africa1989
Africa South Africa1993
Africa Sudan1991[2]
Africa Tunisia1867
Africa Tunisia1986[13]
Africa Zaire1979[2]
Africa Zambia1983
Africa Zimbabwe2000
Africa Zimbabwe2006See Hyperinflation in Zimbabwe[2]
Americas Antigua and Barbuda1998–2005[2]
Americas Argentina1827Default.[14]
Americas Argentina1890Panic of 1890[14]
Americas Argentina1982Latin American debt crisis[14]
Americas Argentina1988–89Latin American debt crisis[14]
Americas Argentina2001Following 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 Argentina2005–16Argentine debt restructuring.
Americas Argentina2014[15][16]
Americas Argentina2020[17]
Americas Barbados2018Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio.[18]
Americas Bolivia1875
Americas Bolivia1927[2]
Americas Bolivia1931
Americas Bolivia1980Latin American debt crisis
Americas Bolivia1986Latin American debt crisis
Americas Bolivia1989Latin American debt crisis
Americas Brazil1898
Americas Brazil1902
Americas Brazil1914
Americas Brazil1931
Americas Brazil1937
Americas Brazil1961
Americas Brazil1964
Americas Brazil1983Latin American debt crisis
Americas Brazil1986–87[2]
Americas Brazil1990[2]
Americas Chile1826
Americas Chile1880
Americas Chile1931
Americas Chile1961
Americas Chile1963
Americas Chile1966
Americas Chile1972
Americas Chile1974
Americas Chile1983Latin American debt crisis
Americas Colombia1826
Americas Colombia1850
Americas Colombia1873
Americas Colombia1880
Americas Colombia1900
Americas Colombia1932
Americas Colombia1935
Americas Costa Rica1828
Americas Costa Rica1874
Americas Costa Rica1895
Americas Costa Rica1901
Americas Costa Rica1932
Americas Costa Rica1962
Americas Costa Rica1981Latin American debt crisis
Americas Costa Rica1983Latin American debt crisis
Americas Costa Rica1984Latin American debt crisis
Americas Dominica2003–05[2]
Americas Dominican Republic1872
Americas Dominican Republic1892
Americas Dominican Republic1897
Americas Dominican Republic1899
Americas Dominican Republic1931
Americas Dominican Republic1975–2001Latin American debt crisis[2]
Americas Dominican Republic2005
Americas Ecuador1826
Americas Ecuador1868
Americas Ecuador1894
Americas Ecuador1906
Americas Ecuador1909
Americas Ecuador1914
Americas Ecuador1929
Americas Ecuador1982
Americas Ecuador1984
Americas Ecuador2000
Americas Ecuador2008
Americas El Salvador1828
Americas El Salvador1876
Americas El Salvador1894
Americas El Salvador1899
Americas El Salvador1921
Americas El Salvador1932
Americas El Salvador1938
Americas El Salvador1981–96[2]
Americas Grenada2004–05[2]
Americas Guatemala1933
Americas Guatemala1986
Americas Guatemala1989Latin American debt crisis
Americas Guyana1982
Americas Honduras1828
Americas Honduras1873
Americas Honduras1981Latin American debt crisis
Americas Jamaica1978
Americas Mexico1827
Americas Mexico1833
Americas Mexico1844
Americas Mexico1850[2]
Americas Mexico1866
Americas Mexico1898
Americas Mexico1914
Americas Mexico1928–30s
Americas Mexico1982Latin American debt crisis
Americas Nicaragua1828
Americas Nicaragua1894
Americas Nicaragua1911
Americas Nicaragua1915
Americas Nicaragua1932
Americas Nicaragua1979
Americas Panama1932
Americas Panama1983Latin American debt crisis
Americas Panama1987Latin American debt crisis
Americas Panama1988–89[2]
Americas Paraguay1874
Americas Paraguay1892
Americas Paraguay1920
Americas Paraguay1932
Americas Paraguay1986Latin American debt crisis
Americas Paraguay2003
Americas Peru1826
Americas Peru1850[2]
Americas Peru1876
Americas Peru1931
Americas Peru1969
Americas Peru1976
Americas Peru1978
Americas Peru1980Latin American debt crisis
Americas Peru1984Latin American debt crisis
Americas Surinam2001–02[2]
Americas Texas1842The Republic of Texas devalued chartal notes that it had issued extensively after the Panic of 1837.
Americas Trinidad and Tobago1989
Americas United States1780Devaluation of the Continental dollar to 1/40 of face value[19]
Americas United States1790Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790.[20][21]
Americas United States1798The United States ceased payment of its debt to the overthrown Kingdom of France, prompting the Quasi-War.
Americas United States1862The Greenback Default[22][20]
Americas United States1933Executive Order 6102[2]
Americas United States1971Nixon Shock [23][24]
Americas Uruguay1876
Americas Uruguay1891
Americas Uruguay1915
Americas Uruguay1933
Americas Uruguay1937[2]
Americas Uruguay1983Latin American debt crisis
Americas Uruguay1987Latin American debt crisis
Americas Uruguay1990
Americas Venezuela1826
Americas Venezuela1848
Americas Venezuela1860
Americas Venezuela1865
Americas Venezuela1892
Americas Venezuela1898
Americas Venezuela1982Latin American debt crisis
Americas Venezuela1990
Americas Venezuela1995–97[2]
Americas Venezuela1998[2]
Americas Venezuela2004
Americas Venezuela2017Venezuela 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 Australia1931Australia 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. 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. 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. 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. 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. 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.

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