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.

List of sovereign defaults[edit]

Country Date Causes and consequences
 Austria-Hungary 1796
 France 1812
 Sweden 1812
 Denmark 1813 The Danish state bankruptcy of 1813.
 Netherlands 1814
 Germany 9 July 1932 Under the Versailles Treaty of 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.
 Romania 1933
 Mexico Aug 1982 Finance Minister, Jesus Silva-Herzog, declared that it was unable to meet its debt repayment obligations as world interest rates had sharply increased since 1979. This signalled the start of a widespread Latin American debt crisis.
 Yugoslavia 1983
 Russia 17 Aug 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.
 Argentina Dec 2001 Following from 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.
 Greece 2012 Following the financial crisis of 2007-2008, the Greek government's borrowing rates escalated, as the state of its finances and tax infrastructure were revealed to be weak.[1] The Greek government was forced to accept EU and IMF loans, and had structural adjustment conditions imposed.
Europe
  • Austria-Hungary (1802, 1805, 1811, 1816, 1868)
  • Austria (1938, 1940, 1945[2])
  • Bulgaria (1932,[citation needed] 1990)
  • Croatia (1993–1996)[2]
  • Germany (1939, 1948[2])
    • Hesse (1814)
    • Prussia (1807, 1813)
    • Schleswig-Holstein (1850)
    • Westphalia (1812)
  • Greece (1826, 1843, 1860, 1893, 1932)
  • Hungary (1932, 1941)
  • Poland (1936, 1940, 1981)
  • Portugal (1828, 1837, 1841, 1845, 1852, 1890)
  • Russia (1839, 1885, 1918, 1947,[2] 1957,[2] 1991)
  • Spain (1809, 1820, 1831, 1834, 1851, 1867, 1872, 1882, 1936-1939[2])
  • Turkey (1876, 1915, 1931, 1940, 1978, 1982)
  • Ukraine (1998–2000)[2]
  • United Kingdom (1822, 1834, 1888–89, 1932)[2]
Africa
  • Algeria (1991)
  • Angola (1976,[2] 1985, 1992-2002[2])
  • Cameroon (2004)[2]
  • Central African Republic (1981, 1983)
  • Congo (Kinshasa) (1979)[2]
  • Côte d'Ivoire (1983, 2000)
  • Gabon (1999–2005)[2]
  • Ghana (1979, 1982)[2]
  • Liberia (1989–2006)[2]
  • Madagascar (2002)[2]
  • Mozambique (1980)[2]
  • Rwanda (1995)[2]
  • Sierra Leone (1997–1998)[2]
  • Sudan (1991)[2]
  • Tunisia (1867, 1986[3])
  • Egypt (1876, 1984)
  • Kenya (1994, 2000)
  • Morocco (1983, 1994[citation needed], 2000[citation needed])
  • Nigeria (1982, 1986, 1992, 2001, 2004)
  • South Africa (1985, 1989, 1993)
  • Zambia (1983)
  • Zimbabwe (1965, 2000, 2006[2] (see Hyperinflation in Zimbabwe)
Americas
  • Antigua and Barbuda (1998–2005)[2]
  • Argentina (1827, 1890, 1951, 1956, 1982, 1989, 2002-2005[2] (see Argentine debt restructuring), 2014[4][5][6])
  • Bolivia (1875, 1927,[2] 1931, 1980, 1986, 1989)
  • Brazil (1898, 1902, 1914, 1931, 1937, 1961, 1964, 1983, 1986–1987,[2] 1990[2])
  • Canada (Alberta) (1935)[2]
  • Chile (1826, 1880, 1931, 1961, 1963, 1966, 1972, 1974, 1983)
  • Colombia (1826, 1850, 1873, 1880, 1900, 1932, 1935)
  • Costa Rica (1828, 1874, 1895, 1901, 1932, 1962, 1981, 1983, 1984)
  • Dominica (2003–2005)[2]
  • Dominican Republic (1872, 1892, 1897, 1899, 1931, 1975-2001[2] (see Latin American debt crisis), 2005)
  • Ecuador (1826, 1868, 1894, 1906, 1909, 1914, 1929, 1982, 1984, 2000, 2008)
  • El Salvador (1828, 1876, 1894, 1899, 1921, 1932, 1938, 1981-1996[2])
  • Grenada (2004–2005)[2]
  • Guatemala (1933, 1986, 1989)
  • Guyana (1982)
  • Honduras (1828, 1873, 1981)
  • Jamaica (1978)
  • Mexico (1827, 1833, 1844, 1850,[2] 1866, 1898, 1914, 1928-1930s, 1982)
  • Nicaragua (1828, 1894, 1911, 1915, 1932, 1979)
  • Panama (1932, 1983, 1983, 1987, 1988-1989[2])
  • Paraguay (1874, 1892, 1920, 1932, 1986, 2003)
  • Peru (1826, 1850,[2] 1876, 1931, 1969, 1976, 1978, 1980, 1984)
  • Surinam (2001–2002)[2]
  • Trinidad and Tobago (1989)
  • United States (1779 (devaluation of Continental Dollar), 1790, 1798 (see The Quasi-war), 1862,[7] 1933 (see Executive Order 6102),[2] 1971 (Nixon Shock)
    • 9 states (1841–1842)[2]
    • 10 states and many local governments (1873-83 or 1884)[2]
  • Uruguay (1876, 1891, 1915, 1933, 1937,[2] 1983, 1987, 1990)
  • Venezuela (1826, 1848, 1860, 1865, 1892, 1898, 1982, 1990, 1995–1997,[2] 1998,[2] 2004)
Asia
  • China (1921, 1932,[2] 1939)
  • Japan (1942, 1946-1952[2])
  • India (1958, 1969,[citation needed] 1972)
  • Indonesia (1966)
  • Iran (1992)
  • Iraq (1990)
  • Jordan (1989)
  • Kuwait (1990–1991)[2]
  • Myanmar (1984,[2] 1987,[2] 2002)
  • Mongolia (1997–2000)[2]
  • The Philippines (1983)
  • Solomon Islands (1995–2004)[2]
  • Sri Lanka (1980, 1982, 1996[2])
  • Vietnam (1975)[2]

See also[edit]

Notes[edit]

References[edit]

External links[edit]