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:
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
Asia
Europe
Country
Date
Type, causes, consequences, and references
Albania
1990
[citation needed ]
Archduchy of Austria
1796
[citation needed ]
Archduchy of Austria
1802
[citation needed ]
Austrian Empire
1811
[ 10]
Austrian Empire
1816
Caused by the War of the Sixth Coalition . Ended by the establishment of Austria's central bank Oesterreichische Nationalbank .[ 10]
Austria-Hungary
1868
[citation needed ]
Austria
1945
[ 2]
Bulgaria
1932
[citation needed ]
Bulgaria
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.[ 11]
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 .[ 12]
Germany
1812
State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
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 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.
Germany
1939
[citation needed ]
Germany
1948
See London Agreement on German External Debts [ 2]
Germany - Hesse
1814
[citation needed ]
Germany - Prussia
1807
[citation needed ]
Germany - Prussia
1813
[citation needed ]
Germany - Schleswig-Holstein
1850
[citation needed ]
Germany - Westphalia
1812
[citation needed ]
Greece
1843
[citation needed ]
Greece
1860
[citation needed ]
Greece
1893
[citation needed ]
Greece
1932
[citation needed ]
Greece
2012
[ 13]
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[ 14] [ 15] ).
Hungary
1932
[citation needed ]
Hungary
1941
[citation needed ]
Poland
1936
[citation needed ]
Poland
1981
[citation needed ]
Netherlands
1814
Instability resulting from the rule of Napoleon I in France
Portugal
1828
[citation needed ]
Portugal
1837
[citation needed ]
Portugal
1841
[citation needed ]
Portugal
1845
[citation needed ]
Portugal
1852
[citation needed ]
Portugal
1890
[citation needed ]
Portugal
2011
[citation needed ]
Romania
1933
[citation needed ]
Russia
1839
[citation needed ]
Russia
1885
[citation needed ]
Russia
1918
Repudiation of Tsarist debts by Bolshevik revolutionaries.[ 16]
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.
Russia
2022
2022 Russian debt default [ 17]
Soviet Union
1947
[ 2]
Soviet Union
1957
[ 2]
Spain
1557
[ 18] [better source needed ]
Spain
1575
[ 18] [better source needed ]
Spain
1596
[ 18] [better source needed ]
Spain
1607
[ 18] [better source needed ]
Spain
1627
[ 18] [better source needed ]
Spain
1647
[ 18] [better source needed ]
Spain
1652
[ 18] [better source needed ]
Spain
1662
[ 18] [better source needed ]
Spain
1666
[ 18] [better source needed ]
Spain
1809
[citation needed ]
Spain
1820
[citation needed ]
Spain
1831
[citation needed ]
Spain
1834
[citation needed ]
Spain
1851
[citation needed ]
Spain
1867
[citation needed ]
Spain
1872
[citation needed ]
Spain
1882
[citation needed ]
Spain
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
South America
Oceania
See also
References
^ 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 .
^ 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 .
^ Akorlie, Christian; Inveen, Cooper (20 December 2022). "Ghana to default on most external debt as economic crisis worsens" . Reuters . Reuters.
^ 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 .
^ "Zambia to default on foreign debt, finance minister says" . www.aljazeera.com . Retrieved 2022-11-17 .
^ Azhari, Timour. "Lebanon will default on its debt for the first time ever" . www.aljazeera.com . Retrieved 2020-03-09 .
^ Marcus, Noland (2000). Avoiding the Apocalypse: The Future of the Two Koreas . p. 95.
^ "Sri Lanka Announces Defaulting On All Its External Debt" . NDTV .
^ "Sri Lanka economic crisis live updates: Sri Lanka defaults on entire $51 billion external debt" . Times of India .
^ 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 .
^ Duncan, Mike (7 September 2014). "3.8 The Day of the Tiles" . Revolutions (Podcast). Retrieved 2 May 2022 .
^ Duncan, Mike (16 August 2015). "3.47 The Directorial Terror" . Revolutions (Podcast). Retrieved 16 May 2022 .
^ Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013). The Greek Debt Restructuring - An Autopsy .
^ "IMF: Greece makes overdue payments, no longer in default" . eKathimerini . 20 July 2015. Retrieved 10 September 2018 .
^ "IMF: Greece makes overdue payments, no longer in default" . EUBusiness . 20 July 2015. Retrieved 10 September 2018 .
^ Kim Oosterlinck. Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign debt Yale University Press. 2016
^ Силуанов: Запад заморозил примерно половину золотовалютных резервов России . Business Gazetta (in Russian). 2022-03-13.
^ 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
^ "Barbados announced a technical default on coupon of Eurobonds with maturity in 2035" . www.cbonds.com . Retrieved 2018-06-10 .
^ Chamberlain, John S. (2011-07-14). "A Short History of US Credit Defaults" . Mises Institute . Retrieved 2018-06-27 .
^ Kratz, Jessie (2015-05-31). "The Compromise of 1790" . Pieces of History . Retrieved 2018-06-27 .
^ Edwards, Sebastian (2018). American Default .
^ 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 .
^ Russo, Camila (2014-07-31). "Argentina Declared in Default by S&P as Talks Fail" . Bloomberg .
^ D&Apos, Andres (2014-07-31). "Argentina defaults on international debt, blames U.S" . Los Angeles Times .
^ "Argentina strikes deal with major creditors to restructure $65 billion in debt" . CNN . 2020-08-04.
^ Vizcaino, Maria (2 August 2021). "Ecuador Defaulted Last Year. Now Its Bonds Are World's Bes" . Bloomberg .
^ Rapoza, Kenneth (Apr 21, 2020). "The Pandemic Blues: Ecuador Second Latin American Nation To Default In 4 Weeks" . Forbes .
^ "Venezuela Defaults, What Now?" . Forbes . 2017-11-14.
Further reading