List of sovereign debt crises

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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.

List

Europe
  • Austria-Hungary (1802, 1805, 1811, 1816, 1868)
  • Austria (1938, 1940, 1945[1])
  • Bulgaria (1932,[citation needed] 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[citation needed], 2000[citation needed])
  • 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 1812 State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures.
 Sweden 1812 Military expenditures as a consequence of the Napoleonic Wars.
 Denmark 1813 The Danish state bankruptcy of 1813.
 Netherlands 1814 Instability resulting from the rule of Napoleon I in France
Egypt 1876 The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt.
Weimar Republic Germany 9 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 1933
 Mexico Aug 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 1983
 Thailand July 1997 1997 Asian financial crisis.
 Russia 17 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 Dec 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 30 Jun 2015 Due to the Greek government-debt crisis, Greece failed to make a €1.6bn payment to the IMF.

See also

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Notes

References

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See also