List of sovereign debt crises

{{Short description|none}}

{{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:

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

class="wikitable sortable" style="width: 100%"
Country

!Date

!class="unsortable"|Type, causes, consequences, and references

rowspan="2" | {{flag|Angola}}1976{{cite journal |first1=Carmen M. |last1=Reinhart |first2=Kenneth S. |last2=Rogoff |year=2011 |title=The Forgotten History of Domestic Debt |journal=Economic Journal |volume=121 |issue=552 |pages=319–350 [pp. 343ff] |doi=10.1111/j.1468-0297.2011.02426.x |jstor=41236982 |s2cid=154398807 |url=http://www.nber.org/papers/w13946.pdf }}
1992–2002
{{flag|Cameroon}}2004
{{flagicon image|Flag of Muhammad Ali.svg}} Egypt1876The crisis caused the ʻUrabi revolt and the subsequent British invasion of Egypt.
{{flag|Gabon}}1999–2005
rowspan="2" |{{flag|Ghana}}

| 1982

2022{{cite news |last1=Akorlie |first1=Christian |last2=Inveen |first2=Cooper |title=Ghana to default on most external debt as economic crisis worsens |url=https://www.reuters.com/world/africa/ghana-announces-external-debt-payment-suspension-slipping-into-default-2022-12-19/ |work=Reuters |agency=Reuters |date=20 December 2022 |language=en}}
{{flag|Liberia}}1989–2006
{{flag|Madagascar}}2002
{{flag|Mozambique}}1980
{{flag|Rwanda}}1995
{{flag|Sierra Leone}}1997–98
{{flag|Sudan}}1991
{{flag|Tunisia}}

| 1986

{{cite web|title=The Political Economy of Development Policy in Tunisia|url=http://depot.gdnet.org/gdnshare/pdf2/gdn_library/global_research_projects/explaining_growth/Tunisia_politicaleconomy_final.pdf|publisher=The University of Tunisia|access-date=1 May 2014|author=MZ Bechri|archive-url=https://web.archive.org/web/20120716075822/http://depot.gdnet.org/gdnshare/pdf2/gdn_library/global_research_projects/explaining_growth/Tunisia_politicaleconomy_final.pdf|archive-date=16 July 2012|url-status=dead}}
{{flag|Zaire}}1979
{{flag|Zambia}}

|2020

|Default due to high debt levels following pandemic and commodity price drops. Followed by IMF bailout, 2022.{{Cite web |title=Zambia to default on foreign debt, finance minister says |url=https://www.aljazeera.com/economy/2020/11/13/zambia-will-not-pay-overdue-eurobond-coupon-finance-minster-says |access-date=2022-11-17 |website=www.aljazeera.com |language=en}}

{{flag|Zimbabwe}}

| 2006

See Hyperinflation in Zimbabwe

Asia

class="wikitable sortable" style="width: 100%"
Country

!Date

!class="unsortable"|Type, causes, consequences, and references

rowspan="3" | {{flag|Republic of China (1912–49)|name=China}}1921
1932
1939
{{flag|Indonesia}}1966{{Cite journal |last1=Arndt1 |first1=H. W |last2=Panglaykim |first2=J |date=1966 |title=Indonesian economic problems in 1966 |url=https://www.econstor.eu/bitstream/10419/137641/1/v01-i09-a07-BF02922773.pdf |url-status=live |journal=Intereconomics |volume=01 |issue=9 |pages=22 |doi=10.1007/BF02922773 |hdl=10419/137641 |archive-url=https://web.archive.org/web/20220320002406/https://www.econstor.eu/bitstream/10419/137641/1/v01-i09-a07-BF02922773.pdf |archive-date=2022-03-20 |via=EconStor}}
{{flag|Japan}}

| 1946–52

Due to an over-issued national bond amounting to more than twice as GDP, bank accounts were blocked. ({{ill|bank blockade|ja|預金封鎖#懸念}})
{{flag|Kuwait}}1990–91
{{flag|Lebanon}}2020Lebanon defaulted on US$1.2 billion in Eurobonds.{{Cite web|url=https://www.aljazeera.com/ajimpact/lebanon-default-debt-time-200307182500108.html|title=Lebanon will default on its debt for the first time ever|last=Azhari|first=Timour|website=www.aljazeera.com|access-date=2020-03-09}}
rowspan="2" | {{flag|Myanmar}}1984
1987
{{flag|Mongolia}}1997–2000
{{flag|North Korea}}1975–1990{{cite book|last=Marcus|first=Noland|title=Avoiding the Apocalypse: The Future of the Two Koreas|year=2000|page=95}}
{{Flag|Sri Lanka}}20222019–present Sri Lankan economic crisis{{Cite web |title=Sri Lanka Announces Defaulting On All Its External Debt |url=https://www.ndtv.com/world-news/sri-lanka-announces-defaulting-on-all-its-external-debt-news-agency-afp-2880723 |access-date= |website=NDTV}}{{Cite web |title=Sri Lanka economic crisis live updates: Sri Lanka defaults on entire $51 billion external debt |url=https://timesofindia.indiatimes.com/world/south-asia/sri-lanka-economic-crisis-live-updates-april-12/liveblog/90790028.cms |website=Times of India|date=20 July 2022 }}
{{flag|Thailand}}1997–20071997 Asian financial crisis
{{flag|Vietnam}}1975

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}}
1816Caused 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}}2012-20132012–2013 Cypriot financial crisis
{{flag|Denmark}}1813Danish state bankruptcy of 1813
rowspan="2" | {{flag|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.{{cite podcast| url= https://thehistoryofrome.typepad.com/revolutions_podcast/2014/09/38-the-day-of-the-tiles.html| title= 3.8 The Day of the Tiles | work=Revolutions | last=Duncan |first=Mike |author-link= Mike Duncan (podcaster) | date= 7 September 2014| access-date=2 May 2022}}

|-

| 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}}

| 2012 || {{cite book|last1=Zettelmeyer|first1=Jeromin|last2=Trebesch|first2=Christoph|last3=Gulati|first3=Mitu|title=The Greek Debt Restructuring - An Autopsy|date=July 2013|url=http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5343&context=faculty_scholarship}}

|-

| 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}}

| 1936–39 ||

|-

| {{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}}2018Defaulted 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

1982Latin American debt crisis
{{flag|Panama}}

| 1988–89

rowspan="7" | {{flag|United States}}1790Crisis 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)

1933Suspension 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}}
1953Congress 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.
1995-96Congress 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.
20112011 United States debt-ceiling crisis
20132013 United States debt-ceiling crisis
20232023 United States debt-ceiling crisis

South America

class="wikitable sortable" style="width: 100%"
Country

!Date

!class="unsortable"|Type, causes, consequences, and references

rowspan="8" | {{flag|Argentina}}1827Default{{cite web |url=http://www.cartafinanciera.com/tendencia-actual/historia-del-default-en-argentina/ |title=Historia del Default en Argentina |website=Carta Financiera |first=Miguel Ángel |last=Boggiano |access-date=2017-11-11 |archive-url=https://web.archive.org/web/20161220125342/http://www.cartafinanciera.com/tendencia-actual/historia-del-default-en-argentina/ |archive-date=2016-12-20 |url-status=dead }}
1890Baring crisis
1982Latin American debt crisis
1988–89Latin American debt crisis
2001Following 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.
2005–16Argentine debt restructuring.
2014{{cite news| url=https://www.bloomberg.com/news/2014-07-30/argentina-defaults-according-to-s-p-as-debt-meetings-continue.html | work=Bloomberg | first=Camila | last=Russo | title=Argentina Declared in Default by S&P as Talks Fail | date=2014-07-31}}{{cite news| url=http://www.latimes.com/world/mexico-americas/la-fg-argentina-defaults-20140731-story.html | work=Los Angeles Times | first1=Andres | last1=D&Apos | title=Argentina defaults on international debt, blames U.S | date=2014-07-31}}
2020{{cite news|url=https://www.cnn.com/2020/08/04/investing/argentina-debt-deal/index.html|work=CNN|title=Argentina strikes deal with major creditors to restructure $65 billion in debt|date=2020-08-04}}
{{flag|Bolivia}}

| 1927

rowspan="2" |{{flag|Brazil}}

| 1986–87

1990
{{flag|Ecuador}}

| 2020

{{Cite web |last=Vizcaino |first=Maria |date=2 August 2021 |title=Ecuador Defaulted Last Year. Now Its Bonds Are World's Bes |url=https://www.bloomberg.com/news/articles/2021-08-02/ecuador-defaulted-last-year-now-its-bonds-are-the-world-s-best#xj4y7vzkg |website=Bloomberg}}{{Cite web |last=Rapoza |first=Kenneth |date=Apr 21, 2020 |title=The Pandemic Blues: Ecuador Second Latin American Nation To Default In 4 Weeks |url=https://www.forbes.com/sites/kenrapoza/2020/04/21/the-pandemic-blues-ecuador-second-latin-american-nation-to-default-in-4-weeks/?sh=211c682e73b8 |website=Forbes}}
rowspan="2" | {{flag|Paraguay}}1874The payment of loans taken in the English market between 1871-72 was stopped due to bad economic conditions.Prado, Mario L. F. (2022), O Processo de Recuperação Econômica do Paraguai após a Guerra da Tríplice Aliança (1870-1890), University of São Paulo, São Paulo, p. 86
1920The payment of foreign loans was once again suspended due to adverse economic and political conditions.{{cite book|last=Ashwell|first=Washington|title=Historia Económica del Paraguay|year=1989|page= 357-382|url=https://books.google.com/books?id=_HxEAAAAYAAJ}}
{{flag|Peru}}

| 1850

{{flag|Suriname}}

|2020

|{{Cite web |title=Fitch downgrades Suriname reflecting default|url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/s-p-fitch-downgrade-suriname-reflecting-default-event-59414975}}

{{flag|Suriname}}2001–02
{{flag|Uruguay}}

| 1937

rowspan="3" |{{flag|Venezuela}}

| 1995–97

1998
2017Venezuela defaulted on US$65 billion in external debt in November 2017 after years of unsustainable borrowing and a crash in global oil prices.{{Cite news|url=https://www.forbes.com/sites/francescoppola/2017/11/14/venezuela-defaults/#dea39642755e |title=Venezuela Defaults, What Now? |work=Forbes|date=2017-11-14}}

Oceania

class="wikitable sortable" style="width: 100%"
Country

!Date

!class="unsortable"|Type, causes, consequences, and references

{{flag|Australia}}1931Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See Great Depression in Australia.
{{flag|Solomon Islands}}1995–2004Default 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 }}

{{Debt}}

{{Corporate scandals}}

{{Aspects of corporations}}

{{Financial crises}}

Category:Insolvency

Category:Government debt by country

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