List of sovereign debt crises
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{{Multiple issues|
{{original research|date=June 2018}}
{{Update|date=November 2022}}
{{Globalize|1=article|date=November 2022}}
{{More citations needed|date=November 2022}}
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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:
- 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.
The following table includes actual sovereign defaults and debt restructuring of independent countries since 1557.{{cite book |first1=Carmen M. |last1=Reinhart |first2=Kenneth S. |last2=Rogoff |year=2009 |title=This Time is Different: Eight Centuries of Financial Folly |pages=[https://archive.org/details/thistimeisdiffer00rein_0/page/23 23, 87, 91, 95, 96] |publisher=Princeton University Press |isbn=978-0-691-14216-6 |url=https://archive.org/details/thistimeisdiffer00rein_0/page/23 }}
Africa
Asia
Europe
class="wikitable sortable" style="width: 100%" | ||
Country
!Date !class="unsortable"|Type, causes, consequences, and references | ||
---|---|---|
rowspan="3" | {{flag|Austria}} | 1811 | {{Cite book |url=https://books.google.com/books?id=cG570mijBF4C&q=state+bankruptcy&pg=PA613 |title=A History of the Habsburg Empire, 1526-1918 |last=Kann |first=Robert A. |publisher=University of California Press |year=1980 |isbn=0520042069 |location=Campus of the University of California |publication-date=November 26, 1980 |page=241 |language=en-US}} |
1816 | Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank. | |
1945 | ||
{{flag|Croatia}} | 1993–96 | |
{{flag|Cyprus}} | 2012-2013 | 2012–2013 Cypriot financial crisis |
{{flag|Denmark}} | 1813 | Danish state bankruptcy of 1813 |
rowspan="2" | {{flag|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.{{cite podcast| url= https://thehistoryofrome.typepad.com/revolutions_podcast/2015/08/347-the-directorial-terror.html| title= 3.47 The Directorial Terror | work=Revolutions | last=Duncan |first=Mike |author-link= Mike Duncan (podcaster) | date= 16 August 2015| access-date=16 May 2022}}
|-
| rowspan="3" | {{flag|Germany}} || 1812 || State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
|-
| 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.
|-
| 1948 || See London Agreement on German External Debts
|-
| rowspan="2" |{{flag|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{{cite news |url= http://www.ekathimerini.com/199737/article/ekathimerini/business/imf-says-greece-made-overdue-payments-no-longer-in-default |title= IMF: Greece makes overdue payments, no longer in default
|work= eKathimerini |date= 20 July 2015 |access-date=10 September 2018}}{{cite news |url= https://www.eubusiness.com/news-eu/greece-politics.13i2/ |title= IMF: Greece makes overdue payments, no longer in default
|work= EUBusiness |date= 20 July 2015 |access-date=10 September 2018}}).
|-
| rowspan="3" |{{flag|Russia}}
| 1918 || Repudiation of Tsarist debts by Bolshevik revolutionaries.Kim Oosterlinck. [https://books.google.com/books?id=Y7AODAAAQBAJ&pg=PT28 Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign debt] Yale University Press. 2016
|-
| 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.
|-
| 2022 || 2022 Russian debt default{{Cite news|url=https://www.business-gazeta.ru/news/542973 |script-title=ru:Силуанов: Запад заморозил примерно половину золотовалютных резервов России |work=Business Gazetta |language=ru |date=2022-03-13}}
|-
|{{flag|Spain}}
|-
| {{flag|Sweden}} || 1812 || Military expenditures as a consequence of the Napoleonic Wars.{{citation needed|date=August 2016}}
|-
| {{flag|Ukraine}} || 1998–2000 ||
|-
| {{flag|Yugoslavia}} || 1983 || Avoided default through a multinational emergency loan.{{citation needed|date=August 2016}}
|}
North America
class="wikitable sortable" style="width: 100%" | ||
Country
!Date !class="unsortable"|Type, causes, consequences, and references | ||
---|---|---|
{{flag|Antigua and Barbuda}} | 1998–2005 | |
{{flag|Barbados}} | 2018 | Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio.{{Cite web|url=http://cbonds.com/news/item/1014317|title=Barbados announced a technical default on coupon of Eurobonds with maturity in 2035|website=www.cbonds.com|access-date=2018-06-10}} |
{{flag|Dominica}} | 2003–05 | |
{{flag|Dominican Republic}}
| 1975–2001 | Latin American debt crisis | |
{{flag|El Salvador}}
| 1981–96 | ||
{{flag|Grenada}} | 2004–05 | |
rowspan="2" |{{flag|Mexico}}
| 1850 | ||
1982 | Latin American debt crisis | |
{{flag|Panama}}
| 1988–89 | ||
rowspan="7" | {{flag|United States}} | 1790 | Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790.{{Cite web |url=https://www.mises.org/library/short-history-us-credit-defaults |title=A Short History of US Credit Defaults |last=Chamberlain |first=John S. |date=2011-07-14 |website=Mises Institute |language=en |access-date=2018-06-27}}{{Cite web |url=https://prologue.blogs.archives.gov/2015/05/31/the-compromise-of-1790/ |title=The Compromise of 1790 |last=Kratz |first=Jessie |date=2015-05-31 |website=Pieces of History |language=en-US |access-date=2018-06-27}}{{Better source needed|date=January 2023}}
1814, US defaulted on its debt 1875, US devalued the USD (Specie Act) |
1933 | Suspension of federal payments in gold amid a bank crisis and international run on gold reserves.{{cite book|last=Edwards|first=Sebastian|title=American Default|year=2018}} | |
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. | |
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. | |
2011 | 2011 United States debt-ceiling crisis | |
2013 | 2013 United States debt-ceiling crisis | |
2023 | 2023 United States debt-ceiling crisis |
South America
Oceania
class="wikitable sortable" style="width: 100%" | ||
Country
!Date !class="unsortable"|Type, causes, consequences, and references | ||
---|---|---|
{{flag|Australia}} | 1931 | Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See Great Depression in Australia. |
{{flag|Solomon Islands}} | 1995–2004 | Default only on domestic debt, not external debt. |
See also
References
{{reflist|30em}}
Further reading
- {{cite book |first1=Carmen M. |last1=Reinhart |first2=Kenneth S. |last2=Rogoff |year=2009 |title=This Time is Different: Eight Centuries of Financial Folly |publisher=Princeton University Press |isbn=978-0-691-14216-6 |pages=[https://archive.org/details/thistimeisdiffer00rein_0/page/23 23, 87, 91, 95, 96] |url=https://archive.org/details/thistimeisdiffer00rein_0/page/23 }}
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