Sovereign Default - List of Sovereign Debt Defaults or Debt Restructuring

List of Sovereign Debt Defaults or Debt Restructuring

The following list includes actual sovereign defaults and debt restructuring of independent countries from 1800 till 2012:

Africa
  • Algeria (1991)
  • Angola (1976, 1985, 1992-2002)
  • Cameroon (2004)
  • Central African Republic (1981, 1983)
  • Congo (Kinshasa) (1979)
  • Côte d'Ivoire (1983, 2000)
  • Gabon (1999–2005)
  • Ghana (1979, 1982)
  • Liberia (1989–2006)
  • Madagascar (2002)
  • Mozambique (1980)
  • Rwanda (1995)
  • Sierra Leone (1997–1998)
  • Sudan (1991)
  • Tunisia (1867)
  • 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 (see Hyperinflation in Zimbabwe)
Americas
  • Antigua and Barbuda (1998–2005)
  • Argentina (1827, 1890, 1951, 1956, 1982, 1989, 2002-2005 (see Argentine debt restructuring))
  • Bolivia (1875, 1927, 1931, 1980, 1986, 1989)
  • Brazil (1898, 1902, 1914, 1931, 1937, 1961, 1964, 1983, 1986–1987, 1990)
  • Canada (Alberta) (1935)
  • 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)
  • Dominican Republic (1872, 1892, 1897, 1899, 1931, 1975-2001 (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)
  • Grenada (2004–2005)
  • Guatemala (1933, 1986, 1989)
  • Guyana (1982)
  • Honduras (1828, 1873, 1981)
  • Jamaica (1978)
  • Mexico (1827, 1833, 1844, 1850, 1866, 1898, 1914, 1928-1930s, 1982)
  • Nicaragua (1828, 1894, 1911, 1915, 1932, 1979)
  • Panama (1932, 1983, 1983, 1987, 1988-1989)
  • Paraguay (1874, 1892, 1920, 1932, 1986, 2003)
  • Peru (1826, 1850, 1876, 1931, 1969, 1976, 1978, 1980, 1984)
  • Surinam (2001–2002)
  • Trinidad and Tobago (1989)
  • United States (1779 (devaluation of Continental Dollar), 1790, 1798 (see The Quasi-war), 1862, 1933 (see Executive Order 6102), 1971 (Nixon Shock)
    • 9 states (1841–1842)
    • 10 states and many local governments (1873-83 or 1884)
    • Orange County, California (1994)
  • Uruguay (1876, 1891, 1915, 1933, 1937, 1983, 1987, 1990)
  • Venezuela (1826, 1848, 1860, 1865, 1892, 1898, 1982, 1990, 1995–1997, 1998, 2004)
Asia
  • China (1921, 1932, 1939)
  • Japan (1942, 1946-1952)
  • India (1958, 1969, 1972)
  • Indonesia (1966, 1998, 2000, 2002)
  • Iran (1992)
  • Iraq (1990)
  • Jordan (1989)
  • Kuwait (1990–1991)
  • Myanmar (1984, 1987, 2002)
  • Mongolia (1997–2000)
  • The Philippines (1983)
  • Solomon Islands (1995–2004)
  • Sri Lanka (1980, 1982, 1996)
  • Vietnam (1975)
Europe
  • Albania (1990)
  • Austria-Hungary (1796, 1802, 1805, 1811, 1816, 1868)
  • Austria (1938, 1940, 1945)
  • Bulgaria (1932, 1990)
  • Croatia (1993–1996)
  • Denmark (1813) (see Danish state bankruptcy of 1813)
  • France (1812)
  • Germany (1932, 1939, 1948)
    • Hesse (1814)
    • Prussia (1807, 1813)
    • Schleswig-Holstein (1850)
    • Westphalia (1812)
  • Greece (external debt: 1826-1842, 1843-1859, 1860-1878, 1894-1897, 1932-1964, 2010-present; domestic debt: 1932-1951)
  • Hungary (1932, 1941)
  • The Netherlands (1814)
  • Poland (1936, 1940, 1981)
  • Portugal (1828, 1837, 1841, 1845, 1852, 1890)
  • Romania (1933)
  • Russia (1839, 1885, 1918, 1947, 1957, 1991, 1998)
  • Spain (1809, 1820, 1831, 1834, 1851, 1867, 1872, 1882, 1936-1939)
  • Sweden (1812)
  • Turkey (1876, 1915, 1931, 1940, 1978, 1982)
  • Ukraine (1998–2000)
  • United Kingdom (1822, 1834, 1888–89, 1932)
  • Yugoslavia (1983)

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