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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

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

Asia

Country Date Type, causes, consequences, and references
 China 1921 [2]
 China 1932 [2]
 China 1939 [2]
 Indonesia 1966 [citation needed]
 Iran 1990 [citation needed]
 Iran 1992 [citation needed]
 Japan 1942 [citation needed]
 Japan 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.[6]
 Myanmar 1984 [2]
 Myanmar 1987 [2]
 Myanmar 2002 [citation needed]
 Mongolia 1997–2000 [2]
 North Korea 1975–1990 [7]
 Ottoman Empire 1876 [citation needed]
 Ottoman Empire 1915 [citation needed]
 The Philippines 1983 [citation needed]
 Sri Lanka 2022 2019–present Sri Lankan economic crisis[8][9]
 Thailand 1997–2007 1997 Asian financial crisis.
 Turkey 1931 [citation needed]
 Turkey 1940 [citation needed]
 Turkey 1978 [citation needed]
 Turkey 1982 [citation needed]
 Vietnam 1975 [2]

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.
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 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

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.[19]
 Costa Rica 1828 [citation needed]
 Costa Rica 1874 [citation needed]
 Costa Rica 1895 [citation needed]
 Costa Rica 1901 [citation needed]
 Costa Rica 1932 [citation needed]
 Costa Rica 1962 [citation needed]
 Costa Rica 1981 Latin American debt crisis[citation needed]
 Costa Rica 1983 Latin American debt crisis[citation needed]
 Costa Rica 1984 Latin American debt crisis[citation needed]
 Dominica 2003–05 [2]
 Dominican Republic 1872 [citation needed]
 Dominican Republic 1892 [citation needed]
 Dominican Republic 1897 [citation needed]
 Dominican Republic 1899 [citation needed]
 Dominican Republic 1931 [citation needed]
 Dominican Republic 1975–2001 Latin American debt crisis[2]
 Dominican Republic 2005 [citation needed]
 El Salvador 1828 [citation needed]
 El Salvador 1876 [citation needed]
 El Salvador 1894 [citation needed]
 El Salvador 1899 [citation needed]
 El Salvador 1921 [citation needed]
 El Salvador 1932 [citation needed]
 El Salvador 1938 [citation needed]
 El Salvador 1981–96 [2]
 Grenada 2004–05 [2]
 Guatemala 1933 [citation needed]
 Guatemala 1986 [citation needed]
 Guatemala 1989 Latin American debt crisis[citation needed]
 Guyana 1982 [citation needed]
 Honduras 1828 [citation needed]
 Honduras 1873 [citation needed]
 Honduras 1981 Latin American debt crisis[citation needed]
 Jamaica 1978 [citation needed]
 Mexico 1827 [citation needed]
 Mexico 1833 [citation needed]
 Mexico 1844 [citation needed]
 Mexico 1850 [2]
 Mexico 1866 [citation needed]
 Mexico 1898 [citation needed]
 Mexico 1914 [citation needed]
 Mexico 1928–30s [citation needed]
 Mexico 1982 Latin American debt crisis
 Nicaragua 1828 [citation needed]
 Nicaragua 1894 [citation needed]
 Nicaragua 1911 [citation needed]
 Nicaragua 1915 [citation needed]
 Nicaragua 1932 [citation needed]
 Nicaragua 1979 [citation needed]
 Panama 1932 [citation needed]
 Panama 1983 Latin American debt crisis[citation needed]
 Panama 1987 Latin American debt crisis[citation needed]
 Panama 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.[20][21][better source needed]
 United States 1933 Suspension of federal payments in gold amid a bank crisis and international run on gold reserves[22][2]
 United States 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.
 United States 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
 United States 2011 2011 United States debt-ceiling crisis
 United States 2013 2013 United States debt-ceiling crisis
 United States 2023 2023 United States debt-ceiling crisis

South America

Country Date Type, causes, consequences, and references
 Argentina 1827 Default.[23]
 Argentina 1890 Baring crisis[23]
 Argentina 1982 Latin American debt crisis[23]
 Argentina 1988–89 Latin American debt crisis[23]
 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.[23]
 Argentina 2005–16 Argentine debt restructuring.
 Argentina 2014 [24][25]
 Argentina 2020 [26]
 Bolivia 1875 [citation needed]
 Bolivia 1927 [2]
 Bolivia 1931 [citation needed]
 Bolivia 1980 Latin American debt crisis[citation needed]
 Bolivia 1986 Latin American debt crisis[citation needed]
 Bolivia 1989 Latin American debt crisis[citation needed]
 Brazil 1898 [citation needed]
 Brazil 1902 [citation needed]
 Brazil 1914 [citation needed]
 Brazil 1931 [citation needed]
 Brazil 1937 [citation needed]
 Brazil 1961 [citation needed]
 Brazil 1964 [citation needed]
 Brazil 1983 Latin American debt crisis[citation needed]
 Brazil 1986–87 [2]
 Brazil 1990 [2]
 Chile 1826 [citation needed]
 Chile 1880 [citation needed]
 Chile 1931 [citation needed]
 Chile 1961 [citation needed]
 Chile 1963 [citation needed]
 Chile 1966 [citation needed]
 Chile 1972 [citation needed]
 Chile 1974 [citation needed]
 Chile 1983 Latin American debt crisis[citation needed]
 Colombia 1826 [citation needed]
 Colombia 1850 [citation needed]
 Colombia 1873 [citation needed]
 Colombia 1880 [citation needed]
 Colombia 1900 [citation needed]
 Colombia 1932 [citation needed]
 Colombia 1935 [citation needed]
 Ecuador 1826 [citation needed]
 Ecuador 1868 [citation needed]
 Ecuador 1894 [citation needed]
 Ecuador 1906 [citation needed]
 Ecuador 1909 [citation needed]
 Ecuador 1914 [citation needed]
 Ecuador 1929 [citation needed]
 Ecuador 1982 [citation needed]
 Ecuador 1984 [citation needed]
 Ecuador 2000 [citation needed]
 Ecuador 2008 [citation needed]
 Ecuador 2020 [27][28]
 Paraguay 1874 [citation needed]
 Paraguay 1892 [citation needed]
 Paraguay 1920 [citation needed]
 Paraguay 1932 [citation needed]
 Paraguay 1986 Latin American debt crisis[citation needed]
 Paraguay 2003 [citation needed]
 Peru 1826 [citation needed]
 Peru 1850 [2]
 Peru 1876 [citation needed]
 Peru 1931 [citation needed]
 Peru 1969 [citation needed]
 Peru 1976 [citation needed]
 Peru 1978 [citation needed]
 Peru 1980 Latin American debt crisis[citation needed]
 Peru 1984 Latin American debt crisis[citation needed]
 Suriname 2001–02 [2]
 Uruguay 1876 [citation needed]
 Uruguay 1891 [citation needed]
 Uruguay 1915 [citation needed]
 Uruguay 1933 [citation needed]
 Uruguay 1937 [2]
 Uruguay 1983 Latin American debt crisis[citation needed]
 Uruguay 1987 Latin American debt crisis[citation needed]
 Uruguay 1990 [citation needed]
 Venezuela 1826 [citation needed]
 Venezuela 1848 [citation needed]
 Venezuela 1860 [citation needed]
 Venezuela 1865 [citation needed]
 Venezuela 1892 [citation needed]
 Venezuela 1898 [citation needed]
 Venezuela 1982 Latin American debt crisis[citation needed]
 Venezuela 1990 [citation needed]
 Venezuela 1995–97 [2]
 Venezuela 1998 [2]
 Venezuela 2004 [citation needed]
 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.[29]

Oceania

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

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. ^ 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. ^ Azhari, Timour. "Lebanon will default on its debt for the first time ever". www.aljazeera.com. Retrieved 2020-03-09.
  7. ^ Marcus, Noland (2000). Avoiding the Apocalypse: The Future of the Two Koreas. p. 95.
  8. ^ "Sri Lanka Announces Defaulting On All Its External Debt". NDTV.
  9. ^ "Sri Lanka economic crisis live updates: Sri Lanka defaults on entire $51 billion external debt". Times of India.
  10. ^ 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.
  11. ^ Duncan, Mike (7 September 2014). "3.8 The Day of the Tiles". Revolutions (Podcast). Retrieved 2 May 2022.
  12. ^ Duncan, Mike (16 August 2015). "3.47 The Directorial Terror". Revolutions (Podcast). Retrieved 16 May 2022.
  13. ^ Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013). The Greek Debt Restructuring - An Autopsy.
  14. ^ "IMF: Greece makes overdue payments, no longer in default". eKathimerini. 20 July 2015. Retrieved 10 September 2018.
  15. ^ "IMF: Greece makes overdue payments, no longer in default". EUBusiness. 20 July 2015. Retrieved 10 September 2018.
  16. ^ Kim Oosterlinck. Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign debt Yale University Press. 2016
  17. ^ Силуанов: Запад заморозил примерно половину золотовалютных резервов России. Business Gazetta (in Russian). 2022-03-13.
  18. ^ 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
  19. ^ "Barbados announced a technical default on coupon of Eurobonds with maturity in 2035". www.cbonds.com. Retrieved 2018-06-10.
  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. ^ Edwards, Sebastian (2018). American Default.
  23. ^ 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.
  24. ^ Russo, Camila (2014-07-31). "Argentina Declared in Default by S&P as Talks Fail". Bloomberg.
  25. ^ D&Apos, Andres (2014-07-31). "Argentina defaults on international debt, blames U.S". Los Angeles Times.
  26. ^ "Argentina strikes deal with major creditors to restructure $65 billion in debt". CNN. 2020-08-04.
  27. ^ Vizcaino, Maria (2 August 2021). "Ecuador Defaulted Last Year. Now Its Bonds Are World's Bes". Bloomberg.
  28. ^ Rapoza, Kenneth (Apr 21, 2020). "The Pandemic Blues: Ecuador Second Latin American Nation To Default In 4 Weeks". Forbes.
  29. ^ "Venezuela Defaults, What Now?". Forbes. 2017-11-14.

Further reading

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