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.

The following table includes actual sovereign defaults and debt restructuring of independent countries since 1557.[1]

Country Date Type, causes, consequences, and references
 Ghana2022[2]
 Zambia 2020 Default due to high debt levels following pandemic and commodity price drops. Followed by IMF bailout, 2022. [3]
 Republic of China (1912–49)1921[4]
 Republic of China (1912–49)1932[4]
 Republic of China (1912–49)1939[4][5]
 Indonesia1966
 Iran1990
 Iran1992
 Japan1942
 Japan1946–52Due to an over-issued national bond amounting to more than twice as GDP, bank accounts were blocked (bank blockade) [4]
 Jordan1989
 Kuwait1990–91[4]
 Lebanon2020Lebanon defaulted on US$1.2 billion in Eurobonds.[6]
 Myanmar1984[4]
 Myanmar1987[4]
 Myanmar2002
 Mongolia1997–2000[4]
 North Korea1975–1990[7]
 The Philippines1983
 Sri Lanka20222019–present Sri Lankan economic crisis[8][9]
 Thailand1997–20071997 Asian financial crisis.
 Turkey1931
 Turkey1940
 Turkey1978
 Turkey1982
 Vietnam1975[4]
 Ottoman Empire1876
 Ottoman Empire1915
 Albania1990
 Archduchy of Austria1796
 Archduchy of Austria1802
 Austrian Empire1811[10]
 Austrian Empire1816Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank.[10]
 Austria-Hungary1868
 Austria1945[4]
 Bulgaria1932
 Bulgaria1990
 Croatia1993–96[4]
 Denmark1813Danish state bankruptcy of 1813.[4]
 Kingdom of France1788On 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]
 France1797Deflation 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]
 Germany1812State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
Germany1932Under 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.
 Germany1939
 Germany1948See London Agreement on German External Debts[4]
Germany -  Hesse1814
Germany -  Prussia1807
Germany -  Prussia1813
Germany -  Schleswig-Holstein1850
Germany -  Westphalia1812
 Greece1826
 Greece1843
 Greece1860
 Greece1893
 Greece1932
 Greece2012[13]
 Greece2015Due 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]).
 Hungary1932
 Hungary1941
 Poland1936
 Poland1981
 Netherlands1814Instability resulting from the rule of Napoleon I in France
 Portugal1828
 Portugal1837
 Portugal1841
 Portugal1845
 Portugal1852
 Portugal1890
 Romania1933
 Russia1839
 Russia1885
 Russia1918Repudiation of Tsarist debts by Bolshevik revolutionaries.[16]
 Russia1998After 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.
 Russia20222022 Russian debt default[17]
 Soviet Union1947[4]
 Soviet Union1957[4]
 Spain1557[18]
 Spain1575[18]
 Spain1596[18]
 Spain1607[18]
 Spain1627[18]
 Spain1647[18]
 Spain1652[18]
 Spain1662[18]
 Spain1666[18]
 Spain1809
 Spain1820
 Spain1831
 Spain1834
 Spain1851
 Spain1867
 Spain1872
 Spain1882
 Spain1936–39[4]
 Sweden1812Military expenditures as a consequence of the Napoleonic Wars.
 Ukraine1998–2000[4]
 United Kingdom1822
 United Kingdom1834
 United Kingdom1888–89
 Yugoslavia1983Avoided default through a multinational emergency loan.
 Algeria1991
 Angola1976[4]
 Angola1985
 Angola1992–2002[4]
 Cameroon2004[4]
 Central African Republic1981
 Central African Republic1983
 Côte d'Ivoire1983
 Côte d'Ivoire2000
 Côte d'Ivoire2011
Egypt1876The crisis will cause the ʻUrabi revolt and the subsequent British invasion of Egypt.
 Egypt1984
 Gabon1999–2005[4]
 Ghana1979
 Ghana1982[4]
 Liberia1989–2006[4]
 Kenya1994
 Kenya2000
 Madagascar2002[4]
 Morocco1983
 Morocco1994
 Morocco2000
 Mozambique1980[4]
 Nigeria1982
 Nigeria1986
 Nigeria1992
 Nigeria2001
 Nigeria2004
 Rhodesia1965
 Rwanda1995[4]
 Sierra Leone1997–98[4]
 South Africa1985
 South Africa1989
 South Africa1993
 Sudan1991[4]
 Tunisia1867
 Tunisia1986[19]
 Zaire1979[4]
 Zambia1983
 Zimbabwe2000
 Zimbabwe2006See Hyperinflation in Zimbabwe[4]
 Antigua and Barbuda1998–2005[4]
 Argentina1827Default.[20]
 Argentina1890Baring crisis[20]
 Argentina1982Latin American debt crisis[20]
 Argentina1988–89Latin American debt crisis[20]
 Argentina2001Following 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.[20]
 Argentina2005–16Argentine debt restructuring.
 Argentina2014[21][22]
 Argentina2020[23]
 Barbados2018Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio.[24]
 Bolivia1875
 Bolivia1927[4]
 Bolivia1931
 Bolivia1980Latin American debt crisis
 Bolivia1986Latin American debt crisis
 Bolivia1989Latin American debt crisis
 Brazil1898
 Brazil1902
 Brazil1914
 Brazil1931
 Brazil1937
 Brazil1961
 Brazil1964
 Brazil1983Latin American debt crisis
 Brazil1986–87[4]
 Brazil1990[4]
 Chile1826
 Chile1880
 Chile1931
 Chile1961
 Chile1963
 Chile1966
 Chile1972
 Chile1974
 Chile1983Latin American debt crisis
 Colombia1826
 Colombia1850
 Colombia1873
 Colombia1880
 Colombia1900
 Colombia1932
 Colombia1935
 Costa Rica1828
 Costa Rica1874
 Costa Rica1895
 Costa Rica1901
 Costa Rica1932
 Costa Rica1962
 Costa Rica1981Latin American debt crisis
 Costa Rica1983Latin American debt crisis
 Costa Rica1984Latin American debt crisis
 Dominica2003–05[4]
 Dominican Republic1872
 Dominican Republic1892
 Dominican Republic1897
 Dominican Republic1899
 Dominican Republic1931
 Dominican Republic1975–2001Latin American debt crisis[4]
 Dominican Republic2005
 Ecuador1826
 Ecuador1868
 Ecuador1894
 Ecuador1906
 Ecuador1909
 Ecuador1914
 Ecuador1929
 Ecuador1982
 Ecuador1984
 Ecuador2000
 Ecuador2008
 Ecuador2020[25][26]
 El Salvador1828
 El Salvador1876
 El Salvador1894
 El Salvador1899
 El Salvador1921
 El Salvador1932
 El Salvador1938
 El Salvador1981–96[4]
 Grenada2004–05[4]
 Guatemala1933
 Guatemala1986
 Guatemala1989Latin American debt crisis
 Guyana1982
 Honduras1828
 Honduras1873
 Honduras1981Latin American debt crisis
 Jamaica1978
 Mexico1827
 Mexico1833
 Mexico1844
 Mexico1850[4]
 Mexico1866
 Mexico1898
 Mexico1914
 Mexico1928–30s
 Mexico1982Latin American debt crisis
 Nicaragua1828
 Nicaragua1894
 Nicaragua1911
 Nicaragua1915
 Nicaragua1932
 Nicaragua1979
 Panama1932
 Panama1983Latin American debt crisis
 Panama1987Latin American debt crisis
 Panama1988–89[4]
 Paraguay1874
 Paraguay1892
 Paraguay1920
 Paraguay1932
 Paraguay1986Latin American debt crisis
 Paraguay2003
 Peru1826
 Peru1850[4]
 Peru1876
 Peru1931
 Peru1969
 Peru1976
 Peru1978
 Peru1980Latin American debt crisis
 Peru1984Latin American debt crisis
 Suriname2001–02[4]
 Trinidad and Tobago1989
 United States1790Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790.[27][28]
 United States1933Suspension of federal payments in gold amid a bank crisis and international run on gold reserves[29][4]
 Uruguay1876
 Uruguay1891
 Uruguay1915
 Uruguay1933
 Uruguay1937[4]
 Uruguay1983Latin American debt crisis
 Uruguay1987Latin American debt crisis
 Uruguay1990
 Venezuela1826
 Venezuela1848
 Venezuela1860
 Venezuela1865
 Venezuela1892
 Venezuela1898
 Venezuela1982Latin American debt crisis
 Venezuela1990
 Venezuela1995–97[4]
 Venezuela1998[4]
 Venezuela2004
 Venezuela2017Venezuela defaulted on US$65 billion in external debt in November 2017 after years of unsustainable borrowing and a crash in global oil prices.[30]
 Australia1931Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See Great Depression in Australia
 Solomon Islands1995–2004[4]

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. Akorlie, Christian; Inveen, Cooper (20 December 2022). "Ghana to default on most external debt as economic crisis worsens". Reuters. Reuters.
  3. "Zambia to default on foreign debt, finance minister says". www.aljazeera.com. Retrieved 2022-11-17.
  4. 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.
  5. "Request Rejected" (PDF).
  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.{{cite web}}: CS1 maint: url-status (link)
  9. "Sri Lanka economic crisis live updates: Sri Lanka defaults on entire $51 billion external debt". Times of India.
  10. 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. Fernández-Renau Atienza, Daniel; Howden, David (21 January 2016), Three Centuries of Boom-Bust in Spain, Mises Institute
  19. 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.
  20. Boggiano, Miguel Ángel. "Historia del Default en Argentina". Carta Financiera. Archived from the original on 2016-12-20. Retrieved 2017-11-11.
  21. Russo, Camila (2014-07-31). "Argentina Declared in Default by S&P as Talks Fail". Bloomberg.
  22. D&Apos, Andres (2014-07-31). "Argentina defaults on international debt, blames U.S". Los Angeles Times.
  23. "Argentina strikes deal with major creditors to restructure $65 billion in debt". CNN. 2020-08-04.
  24. "Barbados announced a technical default on coupon of Eurobonds with maturity in 2035". www.cbonds.com. Retrieved 2018-06-10.
  25. Vizcaino, Maria (2 August 2021). "Ecuador Defaulted Last Year. Now Its Bonds Are World's Bes". Bloomberg.{{cite web}}: CS1 maint: url-status (link)
  26. Rapoza, Kenneth (Apr 21, 2020). "The Pandemic Blues: Ecuador Second Latin American Nation To Default In 4 Weeks". Forbes.{{cite web}}: CS1 maint: url-status (link)
  27. Chamberlain, John S. (2011-07-14). "A Short History of US Credit Defaults". Mises Institute. Retrieved 2018-06-27.
  28. Kratz, Jessie (2015-05-31). "The Compromise of 1790". Pieces of History. Retrieved 2018-06-27.
  29. Edwards, Sebastian (2018). American Default.
  30. "Venezuela Defaults, What Now?". Forbes. 2017-11-14.

Further reading
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