List of sovereign debt crises

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.

Table

The following table includes actual sovereign defaults and debt restructuring of independent countries since 1800.[1] It is sortable by location or date.

Area Country Date Type, causes, consequences, and references
Europe  France 1812 State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
Europe  Sweden 1812 Military expenditures as a consequence of the Napoleonic Wars.
Europe  Denmark 1813 The Danish state bankruptcy of 1813.[2]
Europe  Netherlands 1814 Instability resulting from the rule of Napoleon I in France
Africa Egypt 1876 The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt.
Europe Weimar Republic Germany 1932-07-09 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 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.
Europe  Romania 1933
Americas  Mexico 1982-08 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.
Europe  Yugoslavia 1983
Asia  Thailand 1997-07 1997 Asian financial crisis.
Europe  Russia 1998-08-17 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.
Americas  Argentina 2001-12 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. See Argentine debt restructuring.
Europe  Greece 2015-06-30 Due to the Greek government-debt crisis, Greece failed to make a €1.6bn payment to the IMF.
Asia  Republic of China (1912–49) 1921
Asia  Republic of China (1912–49) 1932 [2]
Asia  Republic of China (1912–49) 1939
Asia  Japan 1942
Asia  Japan 1946–1952 [2]
Asia  India 1958
Asia  India 1969
Asia  India 1972 [3]
Asia  Indonesia 1966
Asia  Iran 1992
Asia  Iraq 1990
Asia  Jordan 1989
Asia  Kuwait 1990–1991 [2]
Asia  Myanmar 1984 [2]
Asia  Myanmar 1987 [2]
Asia  Myanmar 2002
Asia  Mongolia 1997–2000 [2]
Asia  The Philippines 1983
Asia  Solomon Islands 1995–2004 [2]
Asia  Sri Lanka 1980
Asia  Sri Lanka 1982
Asia  Sri Lanka 1996 [2]
Asia  Turkey 1876
Asia  Turkey 1915
Asia  Turkey 1931
Asia  Turkey 1940
Asia  Turkey 1978
Asia  Turkey 1982
Asia  Vietnam 1975 [2]
Europe  Albania 1990
Europe  Archduchy of Austria 1796
Europe  Archduchy of Austria 1802
Europe  Austrian Empire 1805
Europe  Austrian Empire 1811
Europe  Austrian Empire 1816
Europe  Austria-Hungary 1868
Europe  Austria 1938
Europe  Austria 1940
Europe  Austria 1945 [2]
Europe  Bulgaria 1932
Europe  Bulgaria 1990
Europe  Croatia 1993–1996 [2]
Europe  Germany 1939
Europe  Germany 1948 See London Agreement on German External Debts[2]
Europe Germany -  Hesse 1814
Europe Germany -  Prussia 1807
Europe Germany -  Prussia 1813
Europe Germany -  Schleswig-Holstein 1850
Europe Germany -  Westphalia 1812
Europe  Greece 1826
Europe  Greece 1843
Europe  Greece 1860
Europe  Greece 1893
Europe  Greece 1932
Europe  Greece 2012 [4]
Europe  Hungary 1932
Europe  Hungary 1941
Europe  Poland 1936
Europe  Poland 1940
Europe  Poland 1981
Europe  Portugal 1828
Europe  Portugal 1837
Europe  Portugal 1841
Europe  Portugal 1845
Europe  Portugal 1852
Europe  Portugal 1890
Europe  Russia 1839
Europe  Russia 1885
Europe  Russia 1918
Europe  Russia 1947 [2]
Europe  Russia 1957 [2]
Europe  Russia 1991
Europe  Spain 1809
Europe  Spain 1820
Europe  Spain 1831
Europe  Spain 1834
Europe  Spain 1851
Europe  Spain 1867
Europe  Spain 1872
Europe  Spain 1882
Europe  Spain 1936–1939 [2]
Europe  Sweden 1812
Europe  Ukraine 1998–2000 [2]
Europe  Ukraine 2016 [5]
Europe  United Kingdom 1822
Europe  United Kingdom 1834
Europe  United Kingdom 1888–89
Europe  United Kingdom 1932 See War bond § United Kingdom[6][2]
Europe  Yugoslavia 1983 Did not default directly; default was split between the nations once part of Yugoslavia
Africa  Algeria 1991
Africa  Angola 1976 [2]
Africa  Angola 1985
Africa  Angola 1992–2002 [2]
Africa  Cameroon 2004 [2]
Africa  Central African Republic 1981
Africa  Central African Republic 1983
Africa  Congo (Kinshasa) 1979 [2]
Africa  Côte d'Ivoire 1983
Africa  Côte d'Ivoire 2000
Africa  Côte d'Ivoire 2011
Africa  Gabon 1999–2005 [2]
Africa  Ghana 1979
Africa  Ghana 1982 [2]
Africa  Liberia 1989–2006 [2]
Africa  Madagascar 2002 [2]
Africa  Mozambique 1980 [2]
Africa  Rwanda 1995 [2]
Africa  Sierra Leone 1997–1998 [2]
Africa  Sudan 1991 [2]
Africa  Tunisia Tunisia 1867
Africa  Tunisia Tunisia 1986 [7]
Africa  Egypt 1984
Africa  Kenya 1994
Africa  Kenya 2000
Africa  Morocco 1983
Africa  Morocco 1994
Africa  Morocco 2000
Africa  Nigeria 1982
Africa  Nigeria 1986
Africa  Nigeria 1992
Africa  Nigeria 2001
Africa  Nigeria 2004
Africa  South Africa 1985
Africa  South Africa 1989
Africa  South Africa 1993
Africa  Zambia 1983
Africa  Zimbabwe 1965
Africa  Zimbabwe 2000
Africa  Zimbabwe 2006 See Hyperinflation in Zimbabwe[2]
Americas  Antigua and Barbuda 1998–2005 [2]
Americas  Argentina 1827
Americas  Argentina 1890
Americas  Argentina 1951
Americas  Argentina 1956
Americas  Argentina 1982 Latin American debt crisis
Americas  Argentina 1989 Latin American debt crisis
Americas  Argentina 2014 [8][9]
Americas  Bolivia 1875
Americas  Bolivia 1927 [2]
Americas  Bolivia 1931
Americas  Bolivia 1980 Latin American debt crisis
Americas  Bolivia 1986 Latin American debt crisis
Americas  Bolivia 1989 Latin American debt crisis
Americas  Brazil 1898
Americas  Brazil 1902
Americas  Brazil 1914
Americas  Brazil 1931
Americas  Brazil 1937
Americas  Brazil 1961
Americas  Brazil 1964
Americas  Brazil 1983 Latin American debt crisis
Americas  Brazil 1986–1987 [2]
Americas  Brazil 1990 [2]
Americas Canada -  Alberta 1935 [2]
Americas  Chile 1826
Americas  Chile 1880
Americas  Chile 1931
Americas  Chile 1961
Americas  Chile 1963
Americas  Chile 1966
Americas  Chile 1972
Americas  Chile 1974
Americas  Chile 1983 Latin American debt crisis
Americas  Colombia 1826
Americas  Colombia 1850
Americas  Colombia 1873
Americas  Colombia 1880
Americas  Colombia 1900
Americas  Colombia 1932
Americas  Colombia 1935
Americas  Costa Rica 1828
Americas  Costa Rica 1874
Americas  Costa Rica 1895
Americas  Costa Rica 1901
Americas  Costa Rica 1932
Americas  Costa Rica 1962
Americas  Costa Rica 1981 Latin American debt crisis
Americas  Costa Rica 1983 Latin American debt crisis
Americas  Costa Rica 1984 Latin American debt crisis
Americas  Dominica 2003–2005 [2]
Americas  Dominican Republic 1872
Americas  Dominican Republic 1892
Americas  Dominican Republic 1897
Americas  Dominican Republic 1899
Americas  Dominican Republic 1931
Americas  Dominican Republic 1975-2001 Latin American debt crisis[2]
Americas  Dominican Republic 2005
Americas  Ecuador 1826
Americas  Ecuador 1868
Americas  Ecuador 1894
Americas  Ecuador 1906
Americas  Ecuador 1909
Americas  Ecuador 1914
Americas  Ecuador 1929
Americas  Ecuador 1982
Americas  Ecuador 1984
Americas  Ecuador 2000
Americas  Ecuador 2008
Americas  El Salvador 1828
Americas  El Salvador 1876
Americas  El Salvador 1894
Americas  El Salvador 1899
Americas  El Salvador 1921
Americas  El Salvador 1932
Americas  El Salvador 1938
Americas  El Salvador 1981–1996 [2]
Americas  Grenada 2004–2005 [2]
Americas  Guatemala 1933
Americas  Guatemala 1986
Americas  Guatemala 1989 Latin American debt crisis
Americas  Guyana 1982
Americas  Honduras 1828
Americas  Honduras 1873
Americas  Honduras 1981 Latin American debt crisis
Americas  Jamaica 1978
Americas  Mexico 1827
Americas  Mexico 1833
Americas  Mexico 1844
Americas  Mexico 1850 [2]
Americas  Mexico 1866
Americas  Mexico 1898
Americas  Mexico 1914
Americas  Mexico 1928–1930s
Americas  Mexico 1982 Latin American debt crisis
Americas  Nicaragua 1828
Americas  Nicaragua 1894
Americas  Nicaragua 1911
Americas  Nicaragua 1915
Americas  Nicaragua 1932
Americas  Nicaragua 1979
Americas  Panama 1932
Americas  Panama 1983 Latin American debt crisis
Americas  Panama 1987 Latin American debt crisis
Americas  Panama 1988–1989 [2]
Americas  Paraguay 1874
Americas  Paraguay 1892
Americas  Paraguay 1920
Americas  Paraguay 1932
Americas  Paraguay 1986 Latin American debt crisis
Americas  Paraguay 2003
Americas  Peru 1826
Americas  Peru 1850 [2]
Americas  Peru 1876
Americas  Peru 1931
Americas  Peru 1969
Americas  Peru 1976
Americas  Peru 1978
Americas  Peru 1980 Latin American debt crisis
Americas  Peru 1984 Latin American debt crisis
Americas  Surinam 2001–2002 [2]
Americas  Trinidad and Tobago 1989
Americas  United States 1779 Devaluation of Continental Dollar
Americas  United States 1790
Americas  United States 1798 See Quasi-War
Americas  United States 1862 [10]
Americas  United States 1933 See Executive Order 6102[2]
Americas  United States 1971 Nixon Shock
Americas United States - 9 states 1841–1842 [2]
Americas United States - 10 states and many local governments 1873–83 or 1884 [2]
Americas  Uruguay 1876
Americas  Uruguay 1891
Americas  Uruguay 1915
Americas  Uruguay 1933
Americas  Uruguay 1937 [2]
Americas  Uruguay 1983 Latin American debt crisis
Americas  Uruguay 1987 Latin American debt crisis
Americas  Uruguay 1990
Americas  Venezuela 1826
Americas  Venezuela 1848
Americas  Venezuela 1860
Americas  Venezuela 1865
Americas  Venezuela 1892
Americas  Venezuela 1898
Americas  Venezuela 1982 Latin American debt crisis
Americas  Venezuela 1990
Americas  Venezuela 1995–1997 [2]
Americas  Venezuela 1998 [2]
Americas  Venezuela 2004

See also

References

  1. ↑ Reinhart, Carmen M.; Rogoff, Kenneth S. (2009). This time is different: Eight Centuries of Financial Folly (p. 23, 87, 91, 95, 96). Princeton University Press. ISBN 0-691-14216-5.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 The Forgotten History of Domestic Debt, Carmen M. Reinhart and Kenneth S. Rogoff, 17. April 2008, NBER, p.41ff
  3. ↑ https://books.google.pl/books?id=kPYXpHSVbywC&pg=PA627&lpg=PA627&dq=india+debt+default+1958&source=bl&ots=PaNMWYyuRK&sig=i6Pc4iQ5Jgv_-2sIXBfML-XHNsI&hl=pl&sa=X&ei=KDyRVf6nG4P5UKK1i5gM&ved=0CEIQ6AEwBA#v=onepage&q=india%20debt%20default%201958&f=false
  4. ↑ Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013). The Greek Debt Restructuring - An Autopsy.
  5. ↑ "Украина к исходу 31 декабря не заплатила Москве 3 миллиарда долларов для погашения и обслуживания долга.". Echo of Moscow. Retrieved 1 January 2016.
  6. ↑ https://www.bondvigilantes.com/blog/2010/02/02/what-happened-the-last-time-the-uk-defaulted/
  7. ↑ MZ Bechri. "The Political Economy of Development Policy in Tunisia" (PDF). The University of Tunisia. Retrieved 1 May 2014.
  8. ↑ Russo, Camila (2014-07-31). "Argentina Declared in Default by S&P as Talks Fail". Bloomberg.
  9. ↑ D&Apos, Andres (2014-07-31). "Argentina defaults on international debt, blames U.S". Los Angeles Times.
  10. ↑ A Short History of US Credit Defaults, Ludwig von Mises Institute, 15 July 2011

Further reading

See also

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