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:
- 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.
Table
The following table includes actual sovereign defaults and debt restructuring of independent countries since 1557.[1]
Area | Country | Date | Type, causes, consequences, and references |
---|---|---|---|
Europe | 1812 | State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures. | |
Europe | 1812 | Military expenditures as a consequence of the Napoleonic Wars. | |
Europe | 1813 | Danish state bankruptcy of 1813.[2] | |
Europe | 1814 | Instability resulting from the rule of Napoleon I in France | |
Africa | 1876 | The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt. | |
Europe | 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 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 | 1933 | ||
Americas | 1982–2008 | 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 | 1983 | ||
Asia | 1997–2007 | 1997 Asian financial crisis. | |
Europe | 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. | |
Europe | 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[3][4]). | |
Asia | 1921 | ||
Asia | 1932 | [2] | |
Asia | 1939 | ||
Asia | 1942 | ||
Asia | 1946–52 | Due to the over-issued national bond amounted more than twice as GDP, bank accounts were blocked (bank blockade) [2] | |
Asia | 1958 | ||
Asia | 1969 | ||
Asia | 1972 | [5] | |
Asia | 1966 | ||
Asia | 1992 | ||
Asia | 1990 | ||
Asia | 1989 | ||
Asia | 1990–91 | [2] | |
Asia | 1984 | [2] | |
Asia | 1987 | [2] | |
Asia | 2002 | ||
Asia | 1997–2000 | [2] | |
Asia | 1983 | ||
Asia | 1995–2004 | [2] | |
Asia | 1980 | ||
Asia | 1982 | ||
Asia | 1996 | [2] | |
Asia | 1876 | ||
Asia | 1915 | ||
Asia | 1931 | ||
Asia | 1940 | ||
Asia | 1978 | ||
Asia | 1982 | ||
Asia | 1975 | [2] | |
Europe | 1990 | ||
Europe | 1796 | ||
Europe | 1802 | ||
Europe | 1811 | [6] | |
Europe | 1816 | Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank.[6] | |
Europe | 1868 | ||
Europe | 1938 | ||
Europe | 1940 | ||
Europe | 1945 | [2] | |
Europe | 1932 | ||
Europe | 1990 | ||
Europe | 1993–96 | [2] | |
Europe | 1939 | ||
Europe | 1948 | See London Agreement on German External Debts[2] | |
Europe | Germany - | 1814 | |
Europe | Germany - | 1807 | |
Europe | Germany - | 1813 | |
Europe | Germany - | 1850 | |
Europe | Germany - | 1812 | |
Europe | 1826 | ||
Europe | 1843 | ||
Europe | 1860 | ||
Europe | 1893 | ||
Europe | 1932 | ||
Europe | 2012 | [7] | |
Europe | 1932 | ||
Europe | 1941 | ||
Europe | 1936 | ||
Europe | 1981 | ||
Europe | 1828 | ||
Europe | 1837 | ||
Europe | 1841 | ||
Europe | 1845 | ||
Europe | 1852 | ||
Europe | 1890 | ||
Europe | 1839 | ||
Europe | 1885 | ||
Europe | 1918 | Repudiation of Tsarist debts by Bolshevik revolutionaries.[8] | |
Europe | 1947 | [2] | |
Europe | 1957 | [2] | |
Europe | 1991 | ||
Europe | 1557 | [9] | |
Europe | 1575 | [9] | |
Europe | 1596 | [9] | |
Europe | 1607 | [9] | |
Europe | 1627 | [9] | |
Europe | 1647 | [9] | |
Europe | 1652 | [9] | |
Europe | 1662 | [9] | |
Europe | 1666 | [9] | |
Europe | 1809 | ||
Europe | 1820 | ||
Europe | 1831 | ||
Europe | 1834 | ||
Europe | 1851 | ||
Europe | 1867 | ||
Europe | 1872 | ||
Europe | 1882 | ||
Europe | 1936–39 | [2] | |
Europe | 1812 | ||
Europe | 1998–2000 | [2] | |
Europe | 1822 | ||
Europe | 1834 | ||
Europe | 1888–89 | ||
Europe | 1932 | See War bond § United Kingdom[10][2] | |
Europe | 1976 | The 1976 IMF Crisis was a financial crisis in the United Kingdom in 1976 which forced the government to borrow US$3.9 billion (US$17.2 billion in 2018) from the International Monetary Fund, the largest loan ever to have been requested from the IMF. | |
Europe | 1983 | Did not default directly; default was split between the nations once part of Yugoslavia. | |
Africa | 1991 | ||
Africa | 1976 | [2] | |
Africa | 1985 | ||
Africa | 1992–2002 | [2] | |
Africa | 2004 | [2] | |
Africa | 1981 | ||
Africa | 1983 | ||
Africa | 1979 | [2] | |
Africa | 1983 | ||
Africa | 2000 | ||
Africa | 2011 | ||
Africa | 1999–2005 | [2] | |
Africa | 1979 | ||
Africa | 1982 | [2] | |
Africa | 1989–2006 | [2] | |
Africa | 2002 | [2] | |
Africa | 1980 | [2] | |
Africa | 1995 | [2] | |
Africa | 1997–98 | [2] | |
Africa | 1991 | [2] | |
Africa | 1867 | ||
Africa | 1986 | [11] | |
Africa | 1984 | ||
Africa | 1994 | ||
Africa | 2000 | ||
Africa | 1983 | ||
Africa | 1994 | ||
Africa | 2000 | ||
Africa | 1982 | ||
Africa | 1986 | ||
Africa | 1992 | ||
Africa | 2001 | ||
Africa | 2004 | ||
Africa | 1985 | ||
Africa | 1989 | ||
Africa | 1993 | ||
Africa | 1983 | ||
Africa | 1965 | ||
Africa | 2000 | ||
Africa | 2006 | See Hyperinflation in Zimbabwe[2] | |
Americas | 1998–2005 | [2] | |
Americas | 1827 | Default.[12] | |
Americas | 1890 | Default. Panic of 1890[12] | |
Americas | 1915 | Provincial default.[12] | |
Americas | 1930 | Provincial default.[12] | |
Americas | 1982 | Default. Latin American debt crisis[12] | |
Americas | 1988–89 | Internal debt default. Latin American debt crisis[12] | |
Americas | 2001 | Default. 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.[12] | |
Americas | 2005–16 | Argentine debt restructuring. | |
Americas | 2014 | [13][14] | |
Americas | 2018 | Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio.[15] | |
Americas | 1875 | ||
Americas | 1927 | [2] | |
Americas | 1931 | ||
Americas | 1980 | Latin American debt crisis | |
Americas | 1986 | Latin American debt crisis | |
Americas | 1989 | Latin American debt crisis | |
Americas | 1898 | ||
Americas | 1902 | ||
Americas | 1914 | ||
Americas | 1931 | ||
Americas | 1937 | ||
Americas | 1961 | ||
Americas | 1964 | ||
Americas | 1983 | Latin American debt crisis | |
Americas | 1986–87 | [2] | |
Americas | 1990 | [2] | |
Americas | Canada - | 1935 | [2] |
Americas | 1826 | ||
Americas | 1880 | ||
Americas | 1931 | ||
Americas | 1961 | ||
Americas | 1963 | ||
Americas | 1966 | ||
Americas | 1972 | ||
Americas | 1974 | ||
Americas | 1983 | Latin American debt crisis | |
Americas | 1826 | ||
Americas | 1850 | ||
Americas | 1873 | ||
Americas | 1880 | ||
Americas | 1900 | ||
Americas | 1932 | ||
Americas | 1935 | ||
Americas | 1828 | ||
Americas | 1874 | ||
Americas | 1895 | ||
Americas | 1901 | ||
Americas | 1932 | ||
Americas | 1962 | ||
Americas | 1981 | Latin American debt crisis | |
Americas | 1983 | Latin American debt crisis | |
Americas | 1984 | Latin American debt crisis | |
Americas | 2003–05 | [2] | |
Americas | 1872 | ||
Americas | 1892 | ||
Americas | 1897 | ||
Americas | 1899 | ||
Americas | 1931 | ||
Americas | 1975–2001 | Latin American debt crisis[2] | |
Americas | 2005 | ||
Americas | 1826 | ||
Americas | 1868 | ||
Americas | 1894 | ||
Americas | 1906 | ||
Americas | 1909 | ||
Americas | 1914 | ||
Americas | 1929 | ||
Americas | 1982 | ||
Americas | 1984 | ||
Americas | 2000 | ||
Americas | 2008 | ||
Americas | 1828 | ||
Americas | 1876 | ||
Americas | 1894 | ||
Americas | 1899 | ||
Americas | 1921 | ||
Americas | 1932 | ||
Americas | 1938 | ||
Americas | 1981–96 | [2] | |
Americas | 2004–05 | [2] | |
Americas | 1933 | ||
Americas | 1986 | ||
Americas | 1989 | Latin American debt crisis | |
Americas | 1982 | ||
Americas | 1828 | ||
Americas | 1873 | ||
Americas | 1981 | Latin American debt crisis | |
Americas | 1978 | ||
Americas | 1827 | ||
Americas | 1833 | ||
Americas | 1844 | ||
Americas | 1850 | [2] | |
Americas | 1866 | ||
Americas | 1898 | ||
Americas | 1914 | ||
Americas | 1928–30s | ||
Americas | 1982 | Latin American debt crisis | |
Americas | 1828 | ||
Americas | 1894 | ||
Americas | 1911 | ||
Americas | 1915 | ||
Americas | 1932 | ||
Americas | 1979 | ||
Americas | 1932 | ||
Americas | 1983 | Latin American debt crisis | |
Americas | 1987 | Latin American debt crisis | |
Americas | 1988–89 | [2] | |
Americas | 1874 | ||
Americas | 1892 | ||
Americas | 1920 | ||
Americas | 1932 | ||
Americas | 1986 | Latin American debt crisis | |
Americas | 2003 | ||
Americas | 1826 | ||
Americas | 1850 | [2] | |
Americas | 1876 | ||
Americas | 1931 | ||
Americas | 1969 | ||
Americas | 1976 | ||
Americas | 1978 | ||
Americas | 1980 | Latin American debt crisis | |
Americas | 1984 | Latin American debt crisis | |
Americas | 2001–02 | [2] | |
Americas | 1989 | ||
Americas | 1779 | Rapid devaluation of the Continental Dollar due to Congress's inability to levy taxes. During a later Constitutional Convention, memory of the suffering inspired the inclusion of the Contract Clause in the modern U.S. Constitution.[16] | |
Americas | 1790 | Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790.[16][17] | |
Americas | 1798 | Quasi-War | |
Americas | 1862 | The Greenback Default[18][16] | |
Americas | 1933 | Executive Order 6102[2] | |
Americas | 1971 | Nixon Shock [19][20] | |
Americas | United States - 9 states | 1841–42 | [2] |
Americas | United States - 10 states and many local governments | 1873–84 | [2] |
Americas | 1876 | ||
Americas | 1891 | ||
Americas | 1915 | ||
Americas | 1933 | ||
Americas | 1937 | [2] | |
Americas | 1983 | Latin American debt crisis | |
Americas | 1987 | Latin American debt crisis | |
Americas | 1990 | ||
Americas | 1826 | ||
Americas | 1848 | ||
Americas | 1860 | ||
Americas | 1865 | ||
Americas | 1892 | ||
Americas | 1898 | ||
Americas | 1982 | Latin American debt crisis | |
Americas | 1990 | ||
Americas | 1995–97 | [2] | |
Americas | 1998 | [2] | |
Americas | 2004 | ||
Americas | 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.[21] | |
Asia | 2020 | Lebanon defaulted on US$1.2 billion in Eurobonds.[22] | |
Oceania | 1931 | Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See Great Depression in Australia |
See also
- List of corporate collapses
- List of stock market crashes and bear markets
- List of largest U.S. bank failures
- Currency crisis
- Government debt
- War reparations
- Global settlement
- London Club
- Paris Club
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.
- 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.
- "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.
- Ghate, Chetan (2012-03-13). The Oxford Handbook of the Indian Economy. p. 627. ISBN 9780199734580 – via Google Books.
- 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.
- Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013). The Greek Debt Restructuring - An Autopsy.
- Kim Oosterlinck. Hope Springs Eternal: French Bondholders and the Repudiation of Russian Sovereign debt Yale University Press. 2016
- Fernández-Renau Atienza, Daniel; Howden, David (21 January 2016), Three Centuries of Boom-Bust in Spain, Mises Institute
- https://www.bondvigilantes.com/blog/2010/02/02/what-happened-the-last-time-the-uk-defaulted/
- 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.
- 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.
- "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.
- kanopiadmin (2011-07-14). "A Short History of US Credit Defaults | John S. Chamberlain". Mises Institute. Retrieved 2018-06-29.
- Ghizoni, Sandra Kollen. "Nixon Ends Convertibility of US Dollars to Gold and Announces Wage/Price Controls | Federal Reserve History". www.federalreservehistory.org. Retrieved 2018-06-29.
- "1971 Termination of Gold/Dollar Convertability - Timeline - Slaying the Dragon of Debt - Regional Oral History Office - University of California, Berkeley". bancroft.berkeley.edu. Retrieved 2018-06-29.
- https://www.forbes.com/sites/francescoppola/2017/11/14/venezuela-defaults/#dea39642755e. Missing or empty
|title=
(help) - Azhari, Timour. "Lebanon will default on its debt for the first time ever". www.aljazeera.com. Retrieved 2020-03-09.
Further reading
- 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.
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