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.

List

Europe

Austria-Hungary (1802, 1805, 1811, 1816, 1868)
Austria (1938, 1940, 1945^[1])
Bulgaria (1932, 1990)
Croatia (1993–1996)^[1]
Germany (1939, 1948^[1])
- Hesse (1814)
- Prussia (1807, 1813)
- Schleswig-Holstein (1850)
- Westphalia (1812)
Greece (1826, 1843, 1860, 1893, 1932, 2012^[2])
Hungary (1932, 1941)
Poland (1936, 1940, 1981)
Portugal (1828, 1837, 1841, 1845, 1852, 1890)
Russia (1839, 1885, 1918, 1947,^[1] 1957,^[1] 1991)
Spain (13 times in 1500-1900,^[3] 1809, 1820, 1831, 1834, 1851, 1867, 1872, 1882, 1936-1939^[1])
Ukraine (1998–2000),^[1] 2016
United Kingdom (1822, 1834, 1888–89, 1932)^[1]

Africa

Algeria (1991)
Angola (1976,^[1] 1985, 1992-2002^[1])
Cameroon (2004)^[1]
Central African Republic (1981, 1983)
Congo (Kinshasa) (1979)^[1]
Côte d'Ivoire (1983, 2000)
Gabon (1999–2005)^[1]
Ghana (1979, 1982)^[1]
Liberia (1989–2006)^[1]
Madagascar (2002)^[1]
Mozambique (1980)^[1]
Rwanda (1995)^[1]
Sierra Leone (1997–1998)^[1]
Sudan (1991)^[1]
Tunisia (1867, 1986^[4])
Egypt (1876, 1984)
Kenya (1994, 2000)
Morocco (1983, 1994, 2000)
Nigeria (1982, 1986, 1992, 2001, 2004)
South Africa (1985, 1989, 1993)
Zambia (1983)
Zimbabwe (1965, 2000, 2006^[1] (see Hyperinflation in Zimbabwe)

Americas

Antigua and Barbuda (1998–2005)^[1]
Argentina (1827, 1890, 1951, 1956, 1982, 1989, 2001, 2014^[5]^[5]^[6])
Bolivia (1875, 1927,^[1] 1931, 1980, 1986, 1989)
Brazil (1898, 1902, 1914, 1931, 1937, 1961, 1964, 1983, 1986–1987,^[1] 1990^[1])
Canada (Alberta) (1935)^[1]
Chile (1826, 1880, 1931, 1961, 1963, 1966, 1972, 1974, 1983)
Colombia (1826, 1850, 1873, 1880, 1900, 1932, 1935)
Costa Rica (1828, 1874, 1895, 1901, 1932, 1962, 1981, 1983, 1984)
Dominica (2003–2005)^[1]
Dominican Republic (1872, 1892, 1897, 1899, 1931, 1975-2001^[1] (see Latin American debt crisis), 2005)
Ecuador (1826, 1868, 1894, 1906, 1909, 1914, 1929, 1982, 1984, 2000, 2008)
El Salvador (1828, 1876, 1894, 1899, 1921, 1932, 1938, 1981–1996^[1])
Grenada (2004–2005)^[1]
Guatemala (1933, 1986, 1989)
Guyana (1982)
Honduras (1828, 1873, 1981)
Jamaica (1978)
Mexico (1827, 1833, 1844, 1850,^[1] 1866, 1898, 1914, 1928–1930s, 1982)
Nicaragua (1828, 1894, 1911, 1915, 1932, 1979)
Panama (1932, 1983, 1983, 1987, 1988-1989^[1])
Paraguay (1874, 1892, 1920, 1932, 1986, 2003)
Peru (1826, 1850,^[1] 1876, 1931, 1969, 1976, 1978, 1980, 1984)
Surinam (2001–2002)^[1]
Trinidad and Tobago (1989)
United States (1779 (devaluation of Continental Dollar), 1790, 1798 (see The Quasi-war), 1862,^[7] 1933 (see Executive Order 6102),^[1] 1971 (Nixon Shock)
- nine states (1841–1842)^[1]
- 10 states and many local governments (1873–83 or 1884)^[1]
Uruguay (1876, 1891, 1915, 1933, 1937,^[1] 1983, 1987, 1990)
Venezuela (1826, 1848, 1860, 1865, 1892, 1898, 1982, 1990, 1995–1997,^[1] 1998,^[1] 2004)

Asia

China (1921, 1932,^[1] 1939)
Japan (1942, 1946-1952^[1])
India (1958, 1969, 1972)^[8]
Indonesia (1966)
Iran (1992)
Iraq (1990)
Jordan (1989)
Kuwait (1990–1991)^[1]
Myanmar (1984,^[1] 1987,^[1] 2002)
Mongolia (1997–2000)^[1]
The Philippines (1983)
Solomon Islands (1995–2004)^[1]
Sri Lanka (1980, 1982, 1996^[1])
Turkey (1876, 1915, 1931, 1940, 1978, 1982)
Vietnam (1975)^[1]

Chronological order

Country	Date	Causes and consequences
France	000000001812-01-01-00001812	State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
Sweden	000000001812-01-01-00001812	Military expenditures as a consequence of the Napoleonic Wars.
Denmark	000000001813-01-01-00001813	The Danish state bankruptcy of 1813.
Netherlands	000000001814-01-01-00001814	Instability resulting from the rule of Napoleon I in France
Egypt	000000001876-01-01-00001876	The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt.
Germany	000000001932-07-09-00009 July 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.
Romania	000000001933-01-01-00001933
Mexico	000000001982-08-01-0000Aug 1982	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.
Yugoslavia	000000001983-01-01-00001983
Thailand	000000001997-07-01-0000July 1997	1997 Asian financial crisis.
Russia	000000001998-08-17-000017 Aug 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.
Argentina	000000002001-12-01-0000Dec 2001	Following from 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.
Greece	000000002015-06-30-000030 Jun 2015	Due to the Greek government-debt crisis, Greece failed to make a €1.6bn payment to the IMF.

Notes

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 The Forgotten History of Domestic Debt, Carmen M. Reinhart and Kenneth S. Rogoff, 17. April 2008, NBER, p.41ff
↑ Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu (July 2013). The Greek Debt Restructuring: An Autopsy.
↑ http://eml.berkeley.edu/~webfac/cromer/e211_f07/voth.pdf
↑ MZ Bechri. "The Political Economy of Development Policy in Tunisia" (PDF). The University of Tunisia. Retrieved 1 May 2014.
1 2 Russo, Camila (31 July 2014). "Argentina Declared in Default by S&P as Talks Fail". Bloomberg.
↑ D&Apos, Andres (31 July 2014). "Argentina defaults on international debt, blames U.S". Los Angeles Times.
↑ A Short History of US Credit Defaults, Ludwig von Mises Institute, 15 July 2011
↑ 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

References

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.