51:
1283:
853:
50:
1152:
When a state defaults on a debt, the state disposes of (or ignores, depending on the viewpoint) its financial obligations/debts towards certain creditors. The immediate effect for the state is a reduction in its total debt and a reduction in payments on the interest of that debt. On the other hand, a
1143:
For the purpose of debts regulation debts can be distinguished by nationality of creditor (national or international), or by the currency of the debts (own currency or foreign currency) as well as whether the foreign creditors are private or state owned. States are frequently more willing to cancel
797:
If a state, for economic reasons, defaults on its treasury obligations, or is no longer able or willing to handle its debt, liabilities, or to pay the interest on this debt, it faces sovereign default. To declare insolvency, it is sufficient if the state is only able (or willing) to pay part of its
647:
beginning in 1915. Today, a government that defaults may be widely excluded from further credit; some of its overseas assets may be seized; and it may face political pressure from its own domestic bondholders to pay back its debt. Therefore, governments rarely default on the entire value of their
1248:
A failure to meet payments became common again in the late 1920s and 1930s. As protectionism by wealthy nations rose and international trade fell, especially after the banking crisis of 1929, countries possessing debts denominated in other currencies found it increasingly difficult to meet terms
1244:
In the 1820s, several Latin
American countries that had recently entered the bond market in London defaulted. These same countries frequently defaulted during the nineteenth century, but the situation was typically rapidly resolved with a renegotiation of loans, including the writing off of some
1099:
The punishment approach stipulates that the debtor will be punished in some form, whether it be by legal action and/or military force. The creditor will use legal and/or military threats to see their investment returned. The punishment may prevent debtors from being able to borrow in their own
1090:
The reputation approach stipulates that countries value the access to international capital markets because it allows them to smooth consumption in the face of volatile output and/or fluctuating investment opportunities. This approach assumes no outside factors such as legal or military action
965:. If a country is temporarily unable to meet pending interest or principle payments because it can not liquify sufficient assets, it is "in default because of illiquidity". In this concept the default can be solved as soon as the assets that are "only temporarily illiquid" become
1249:
agreed under more favourable economic conditions. For example, in 1932, Chile's scheduled repayments exceeded the nation's total exports; or, at least, its exports under then-current pricing. Whether reductions in prices – forced sales – would have enabled fulfilling
764:
A significant factor in sovereign default is the presence of significant debts owed to foreign investors such as banks who are unable to obtain timely payment via political support from governments, supranational courts or negotiation; the enforcement of
1240:
bankers provided the unwieldy
Habsburg system with fluid credit and a dependably regular income. In return the less dependable shipments of American silver were rapidly transferred from Seville to Genoa, to provide capital for further military ventures.
622:
government, by definition, controls its own affairs, it cannot be obliged to pay back its debt. Nonetheless, governments may face severe pressure from lending countries. In a few extreme cases, a major creditor nation, before the establishment of the
611:: if few bonds in their own currency are accepted abroad, and so the country issues mainly foreign currency-denominated bonds, a decrease in the value of their own currency can make it prohibitively expensive to pay back those bonds (see
977:
While normally the change of government does not change the responsibility of the state to handle treasury obligations created by earlier governments, nevertheless it can be observed that in revolutionary situations and after a
1139:
some creditors elected to accept the renunciation (loss, or "haircut") of up to 75% of the outstanding debts, while others ( "holdouts") elected instead to await a change of government (2015) for offers of better compensation.
564:
in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced. A
1059:. For example, when the Soviet Union dissolved, successor states such as Estonia, Russia, Georgia, Ukraine, etc. came into being. The Soviet state ceased to exist, but its debt could be inherited by successor states.
588:
or foreign currency at fixed rates. Harder to quantify than an interest or capital default, this often is defined as an extraneous or procedural default (breach) of terms of the contracts or other instruments.
1153:
default can damage the reputation of the state among creditors, which can restrict the ability of the state to obtain credit from the capital market. In some cases foreign lenders may attempt to undermine the
969:(again), which makes illiquidity a temporary state – in contrast to insolvency. The weakness of this concept is that is practically impossible to prove that an asset is only temporarily illiquid.
1043:
839:), in which the state has spent more money than it received. This budget balance/margin was covered through new indebtedness with national and foreign citizens, banks and states.
1135:
in the 1980s). This kind of agreement assures the partial repayment when a renunciation / surrender of a big part of the debt is accepted by the creditor. In the case of the
1796:
1822:
Erika
Jorgensen and Jeffrey Sachs, "Default and Renegotiation of Latin American Foreign Bonds in the Interwar Period" In: Barry J. Eichengreen and Peter H. Lindert,
777:
by a mortgager, except without the possibility of the exercise of normal creditors' rights such as asset seizure and sale) can be considered a variety of sovereign
1691:
Landon-Lane, J., Oosterlinck, K. (2006), "Hope springs eternal: French bondholders and the Soviet
Repudiation (1915–1919)", Review of Finance, 10, 4, pp. 507–535.
354:
1770:
679:
often lends for sovereign debt restructuring. To ensure that funds will be available to pay the remaining part of the sovereign debt, it has made such loans
1232:
defaulted on debt four times – in 1557, 1560, 1575 and 1596. This sovereign default threw the German banking houses into chaos and ended the reign of the
1604:
1136:
1124:
410:
339:
210:
1206:
Citizens of a debtor state might feel the impact indirectly through high unemployment and the decrease of state services and benefits. However, a
592:
If potential lenders or bond purchasers begin to suspect that a government may fail to pay back its debt, they may demand a high interest rate in
466:
77:
668:
lenders to preemptively engineer the orderly restructuring of a nation's public debt – also called "orderly default" or "controlled default". In
600:. Governments may be especially vulnerable to a sovereign debt crisis when they rely on financing through short-term bonds, since this creates a
1581:
584:. This can be done by printing more money to apply toward their own debts, or by ending or altering the convertibility of their currencies into
1566:
1495:
1400:
596:
of default. A dramatic rise in the interest rate faced by a government due to fear that it will fail to honor its debt is sometimes called a
380:
1701:
1070:
has increased significantly in many countries even during long lasting times of peace. While in the beginning debt was quite small, due to
539:
205:
580:. This is not "default" in the usual sense because the debt is honored, albeit with currency of lesser real value. Sometimes governments
1838:
1228:
A failure of a nation to meet bond repayments has been seen on many occasions. Medieval
England lived through multiple defaults on debt,
1261:
1210:
state can take steps to minimize negative consequences, rebalance the economy and foster social/economic progress, for example Brazil's
874:
704:
1442:
944:
644:
628:
102:
925:
1257:
435:
1614:
897:
2090:
1940:
1731:
1091:
because the debtor is a sovereign country. Debtor countries with poor reputations will lack access to these capital markets.
982:
the new government may question the legitimacy of the earlier one, and thus default on those treasury obligations considered
878:
700:
405:
1660:
1640:
672:, these economists generally believe that a delay in organising an orderly default would hurt the rest of Europe even more.
1223:
1031:
430:
425:
390:
82:
1296:
904:
1268:
420:
1382:
631:, made threats of war or waged war against a debtor nation for failing to pay back debt to seize assets to enforce its
676:
1116:
The immediate cost to creditors is the loss of principal and interest owed on their loans to the defaulting country.
863:
1267:
More recently Greece became the first developed country to default to the
International Monetary Fund. In June 2015
2331:
2223:
1774:
1487:
911:
882:
867:
636:
486:
375:
1108:
Creditors of the state as well the economy and the citizens of the state are affected by the sovereign default.
2336:
831:
Sovereign default caused by insolvency historically has always appeared at the end of long years or decades of
612:
532:
415:
400:
385:
370:
256:
1899:
893:
1608:
1144:
debts owed to foreign private creditors, unless those creditors have means of retaliation against the state.
727:, past instances of sovereign default have tended to occur under some or all of the following circumstances:
2259:
2170:
1645:
513:
503:
456:
344:
282:
133:
112:
2074:
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services, raising the tax take (revenue) or more rarely suggesting other forms of revenue raising such as
246:
2264:
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451:
349:
241:
225:
179:
158:
153:
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1250:
1207:
1154:
1056:
1013:
818:
770:
766:
632:
566:
461:
67:
1863:
2198:
1824:
1797:"England's history of defaulting on European lenders shows repercussions of not paying Brexit bill"
1301:
665:
525:
395:
2080:
2060:
1933:
1751:
1229:
1128:
1039:
649:
481:
272:
189:
2145:
918:
2290:
2165:
2025:
1562:
1491:
1438:
1430:
1396:
1378:
1359:
Other People's Money: Debt
Denomination and Financial Instability in Emerging Market Economies
1237:
1120:
1071:
998:
832:
774:
724:
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653:
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debt. Instead, they often enter into negotiations with their bondholders to agree on a delay (
640:
608:
601:
570:
491:
476:
323:
251:
143:
92:
31:
1743:
1316:
1166:
994:
789:). Some also believe that sovereign default is a dark side of globalization and capitalism.
318:
287:
184:
148:
1172:
In addition, the following scenarios can occur in a debtor state from a sovereign default:
769:
against sovereign states is frequently difficult. Such willful defaults (the equivalent of
2310:
2228:
2203:
2135:
2130:
2105:
1982:
1884:
1526:
1199:
1188:
1067:
715:, among other countries, turned their trade and current account deficits into surpluses.
696:
561:
557:
303:
87:
604:
between their short-term bond financing and the long-term asset value of their tax base.
2243:
2213:
2193:
2095:
2035:
1987:
1972:
1964:
1481:
1435:
Other People's Money: Debt
Denomination and Financial Instability in Emerging Economies
1390:
1321:
1177:
1020:
786:
680:
585:
1260:
in the mid-19th century. The most recent U.S. state to default was Puerto Rico, which
2325:
2305:
2273:
2269:
2188:
2005:
1926:
1311:
1062:
Lost wars significantly accelerate sovereign default. Nevertheless, especially after
1035:
979:
782:
758:
692:
220:
17:
569:
will take into account in its gradings capital, interest, extraneous and procedural
2238:
2233:
2218:
2208:
2160:
2140:
2112:
1326:
1288:
1119:
In this case very often there are international negotiations that end in a partial
1063:
1024:
836:
593:
117:
97:
1678:
1082:
There are two different theories as to why sovereign countries repay their debt.
2277:
2180:
2155:
2070:
2020:
1605:"Sovereign Theft: Theory and Evidence about Sovereign Default and Expropriation"
1543:
Louise
Armitstead, "EU accused of 'head in sand' attitude to Greek debt crisis"
1459:
1306:
1169:), then a default by the state can mean a devaluation of their monetary wealth.
1165:
If the individual citizen or corporate citizen is a creditor of the state (e.g.
1132:
983:
852:
812:
806:
619:
597:
581:
277:
107:
1511:
Firzli, M. Nicolas J. (March 2010). "Greece and the Roots the EU Debt Crisis".
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2125:
2055:
2015:
1278:
1211:
1181:
1055:
With the demise of a state, its obligations are turned over to one or several
684:
657:
624:
576:
Countries have at times escaped some of the real burden of their debt through
497:
72:
42:
2150:
1977:
824:
699:
of inept or corrupt but lucrative economic sectors. A recent example is the
688:
577:
215:
1339:
2300:
2120:
1009:
712:
573:, and failures to abide by the terms of bonds or other debt instruments.
313:
174:
138:
1610:
The
Natural Resources Trap: Private Investment without Public Commitment
1755:
1233:
1005:
1613:. Cambridge, Massachusetts: MIT Press. pp. 69–110. Archived from
2010:
1732:"Why sovereigns repay debts to external creditors and why it matters"
1681:(Report). Policy Research Working Paper Series. World Bank. No. 2192.
1192:
471:
1747:
1483:
This time is different: Eight Centuries of Financial Folly (p. 54ff)
2030:
1702:"26 years on, Russia set to repay all Soviet Union's foreign debt"
1661:"Sovereign Default: The dark side of globalization and capitalism"
1411:
Financial Crises, Liquidity, and the International Monetary System
778:
708:
1997:
1949:
308:
1922:
1529:(June 28, 2010). "Greece's best option is an orderly default".
846:
607:
They may also be vulnerable to a sovereign debt crisis due to
1795:
Bell, Adrian R.; Brooks, Chris; Moore, Tony (12 June 2019).
1346:
Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?
1074:
and continued overspending, it has increased substantially.
49:
656:'). Some economists have argued that, in the case of acute
1392:
This Time is Different: Eight Centuries of Financial Folly
1475:
1473:
1918:
1864:"Judge Approves Deal to Resolve Puerto Rico Bankruptcy"
1825:
The International Debt Crisis in Historical Perspective
1366:
The International Debt Crisis in Historical Perspective
1357:
Barry Eichengreen and Ricardo Hausmann, eds., (2005),
1157:
of the debtor state or even declare war (see above).
1607:. In Hogan, William; Sturzenegger, Federico (eds.).
1460:"The Costs of Sovereign Default: Theory and Reality"
1383:'Blueprints for a new global financial architecture'
798:
due interest or to clear off only part of the debt.
785:(including inadequate repayment for the exercise of
2252:
2179:
2104:
2048:
1996:
1963:
1956:
1364:Barry Eichengreen and Peter Lindert, eds., (1992),
1898:Liakos, Virginia Harrison and Chris (2015-06-30).
1679:Districts, spillovers, and government overspending
1839:"Why Mitch McConnell Wants States to Go Bankrupt"
556:is the failure or refusal of the government of a
1586:, Edward Chancellor, GMO White Paper, Juli 2010.
1480:Reinhart, Carmen M.; Rogoff, Kenneth S. (2009).
1389:Reinhart, Carmen M.; Rogoff, Kenneth S. (2009).
1202:as foreign investors avoid this national economy
1008:in 1850, which were issued by the government of
1900:"Greece defaults on $ 1.7 billion IMF payment"
1672:
1670:
817:government regulation or perceived threats of
27:When a sovereign entity fails to pay its debts
1934:
1641:"Is Walking Away From Your Mortgage Immoral?"
1458:Borensztein, E.; Panizza, U. (Nov 10, 2010).
1042:through the ratification of Section 4 of the
533:
8:
1818:
1816:
1195:will fall and investors withdraw their money
1352:Financial Crises: And What to Do about Them
881:. Unsourced material may be challenged and
635:. For example, in 1882, the United Kingdom
1960:
1941:
1927:
1919:
957:There is an important distinction between
540:
526:
38:
1730:Eaton, Jonathan; Gersovitz, Mark (1981).
1340:Has the U.S. Government Ever “Defaulted”?
1125:London Agreement on German External Debts
945:Learn how and when to remove this message
793:Insolvency/over-indebtedness of the state
707:, in order to avoid a sovereign default,
652:) or partial reduction of their debt (a '
639:. Other examples are the United States' "
1583:Reflections on the sovereign debt crisis
643:" in Venezuela in the mid-1890s and the
1598:
1596:
1594:
1592:
1422:
1373:Greece and the Roots the EU Debt Crisis
1271:on a $ 1.7 billion payment to the IMF.
443:
362:
331:
295:
264:
233:
197:
166:
125:
59:
41:
1880:
1869:
1773:. Soundsandcolours.com. Archived from
1725:
1723:
1639:Hagerty, James R. (17 December 2009).
1137:Argentine economic crisis (1999–2002)
811:declines in employment and therefore
7:
2091:Debtor-in-possession (DIP) financing
1561:. Yerevan: Antares. pp. 67–72.
879:adding citations to reliable sources
1771:"Brazil's Battle Against Inflation"
1437:. Chicago: Univ. of Chicago Press.
701:Greek bailout agreement of May 2010
1708:. SPH Media Limited. 26 March 2017
1559:Armenia Economy: The Next 25 Years
731:A reversal of global capital flows
25:
1677:Baqir, Reza (30 September 1999).
1603:Wright, Mark; Tomz, Mike (2010).
1027:government came to power in 1917.
723:According to financial historian
645:United States occupation of Haiti
1862:Ergungor, O. Emre (2017-10-12).
1281:
851:
660:crises, it can be advisable for
1256:A number of states in the U.S.
819:regulation of financial markets
30:For the South Korean film, see
1736:The Review of Economic Studies
1395:. Princeton University Press.
1184:on credits given to the state.
1:
1663:. AllISayIs.com. August 2015.
1371:M. Nicolas J. Firzli (2010),
1224:List of sovereign debt crises
1218:Examples of sovereign default
1161:Consequences for the citizens
1032:Confederate States of America
1078:Approaches to debt repayment
1030:repudiation of debts of the
827:measures to repay debt fully
693:non-profitable public sector
1769:Lim, Richard (2011-06-20).
683:on action such as reducing
677:International Monetary Fund
2353:
1837:Frum, David (2020-04-25).
1488:Princeton University Press
1350:Barry Eichengreen (2002),
1221:
1148:Consequences for the state
1112:Consequences for creditors
801:Reasons for this include:
627:Article 2 (4) prohibiting
29:
2286:
1338:D. Andrew Austin (2016),
1004:default of bonds through
594:compensation for the risk
487:History of bankruptcy law
1557:Avetian, Samson (2019).
1344:Guillermo Calvo (2005),
1297:Asset–liability mismatch
1180:, as banks have to make
1019:default of debts of the
993:default of debts of the
989:Important examples are:
257:Voidable floating charge
2260:Consumer leverage ratio
2171:Tax refund interception
1646:The Wall Street Journal
1433:; Hausmann, R. (2005).
1236:as Spanish financiers.
740:Excessive foreign debts
504:Pre-packaged insolvency
457:Bankruptcy alternatives
345:Cross-border insolvency
283:Trading while insolvent
134:Insolvency practitioner
113:Provisional liquidation
1879:Cite journal requires
629:use of force by states
582:devalue their currency
247:Undervalue transaction
54:
2265:Debt levels and flows
805:massive increases in
781:; this is similar to
755:Rising interest rates
743:A poor credit history
705:2008 financial crisis
598:sovereign debt crisis
452:Anti-deprivation rule
350:Insolvency Regulation
242:Fraudulent conveyance
226:Scheme of arrangement
180:Preferential creditor
159:Trustee in bankruptcy
154:Referee in Bankruptcy
53:
18:Sovereign debt crisis
2086:Debt snowball method
1409:Jean Tirole (2002),
1208:monetarily sovereign
1155:monetary sovereignty
1044:Fourteenth Amendment
1014:German Confederation
973:Change of government
875:improve this section
771:strategic bankruptcy
746:Unproductive lending
654:haircut or write-off
567:credit rating agency
1302:Balance of payments
1095:Punishment approach
1086:Reputation approach
1051:Demise of the state
894:"Sovereign default"
206:Administration (UK)
1230:Philip II of Spain
1191:, as the interior
1129:debt restructuring
823:popular unrest at
737:Fraudulent lending
689:austerity measures
670:the case of Greece
650:debt restructuring
482:Financial distress
355:UNCITRAL Model Law
273:Fraudulent trading
190:Unsecured creditor
55:
2332:Sovereign default
2319:
2318:
2166:Strategic default
2131:Collection agency
2044:
2043:
2026:Predatory lending
1706:The Straits Times
1568:978-9939-76-173-2
1513:The Vienna Review
1497:978-0-691-14216-6
1402:978-0-691-14216-6
1379:Charles Calomiris
1262:defaulted in 2017
1251:creditors' rights
1121:debt cancellation
1072:compound interest
999:French Revolution
955:
954:
947:
929:
775:strategic default
767:creditors' rights
725:Edward Chancellor
691:such as reducing
641:gunboat diplomacy
633:creditor's rights
609:currency mismatch
602:maturity mismatch
554:sovereign default
550:
549:
509:Sovereign default
492:List of bankrupts
462:Creditors' rights
324:Security interest
252:Unfair preference
234:Avoidance regimes
144:Regulatory agency
32:Sovereign Default
16:(Redirected from
2344:
2011:Consumer lending
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1801:The Conversation
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1620:on 15 April 2012
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1527:Roubini, Nouriel
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1317:Financial crisis
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1286:
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1269:Greece defaulted
1167:government bonds
1057:successor states
1012:instated by the
995:House of Bourbon
950:
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939:
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930:
928:
887:
855:
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773:by a company or
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319:Second lien loan
288:Wrongful trading
185:Secured creditor
39:
21:
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2337:Government debt
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2311:Promissory note
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2229:Deposit account
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2146:Debtors' prison
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2066:Management plan
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1547:, 23 June 2011
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1531:Financial Times
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1431:Eichengreen, B.
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1226:
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1200:currency crisis
1189:economic crisis
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1080:
1068:government debt
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845:
795:
721:
697:nationalization
586:precious metals
558:sovereign state
546:
340:Chapter 15 (US)
304:Floating charge
211:Chapter 11 (US)
88:Conservatorship
35:
28:
23:
22:
15:
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2244:Securitization
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2096:Loan guarantee
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2063:
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2036:Vendor finance
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2018:
2013:
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1881:|journal=
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1222:Main article:
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1178:banking crisis
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787:eminent domain
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734:Unwise lending
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78:Chapter 7 (US)
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68:Administration
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26:
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10:
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2:
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2306:Interest rate
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2111:
2107:
2103:
2097:
2094:
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2089:
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2084:
2082:
2081:Restructuring
2079:
2076:
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2064:
2062:
2061:Consolidation
2059:
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2037:
2034:
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2024:
2022:
2019:
2017:
2014:
2012:
2009:
2007:
2006:Business loan
2004:
2003:
2001:
1999:
1995:
1989:
1986:
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1777:on 2013-10-16
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1545:The Telegraph
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1312:External debt
1310:
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1300:
1298:
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1036:United States
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980:regime change
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899:
896: –
895:
891:
890:Find sources:
884:
880:
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870:
869:
865:
860:This section
858:
854:
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842:
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820:
816:
814:
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808:
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802:
799:
792:
790:
788:
784:
783:expropriation
780:
776:
772:
768:
760:
759:Terminal debt
757:
754:
752:Weak revenues
751:
749:Rollover risk
748:
745:
742:
739:
736:
733:
730:
729:
728:
726:
718:
716:
714:
710:
706:
702:
698:
694:
690:
686:
682:
678:
673:
671:
667:
666:supranational
663:
659:
655:
651:
646:
642:
638:
637:invaded Egypt
634:
630:
626:
621:
616:
614:
610:
605:
603:
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587:
583:
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568:
563:
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521:
520:
515:
514:Subordination
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436:United States
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332:International
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221:Restructuring
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198:Restructuring
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33:
19:
2276: /
2272: /
2239:Money market
2234:Fixed income
2161:Phantom debt
2141:Debt bondage
2109:
1907:. Retrieved
1903:
1893:
1872:cite journal
1857:
1846:. Retrieved
1843:The Atlantic
1842:
1832:
1823:
1804:. Retrieved
1800:
1790:
1779:. Retrieved
1775:the original
1764:
1739:
1735:
1710:. Retrieved
1705:
1696:
1687:
1655:
1644:
1634:
1622:. Retrieved
1615:the original
1609:
1582:
1577:
1558:
1552:
1544:
1539:
1530:
1521:
1512:
1506:
1482:
1463:
1453:
1434:
1425:
1410:
1391:
1372:
1365:
1358:
1351:
1345:
1327:Vulture fund
1289:Money portal
1266:
1255:
1253:is unknown.
1247:
1243:
1227:
1205:
1171:
1164:
1151:
1142:
1118:
1115:
1107:
1104:Consequences
1098:
1089:
1081:
1064:World War II
1061:
1054:
988:
976:
966:
962:
958:
956:
941:
932:
922:
915:
908:
901:
889:
873:Please help
861:
837:overspending
830:
800:
796:
763:
722:
703:. After the
674:
617:
613:original sin
606:
591:
575:
560:to pay back
553:
551:
508:
496:
421:South Africa
118:Receivership
98:Examinership
36:
2278:Odious debt
2156:Garnishment
2021:Payday loan
1957:Instruments
1307:Debt crisis
1182:write downs
1133:Brady Bonds
984:odious debt
959:illiquidity
843:Illiquidity
835:emergency (
813:tax revenue
807:public debt
687:, imposing
681:conditional
426:Switzerland
278:Misfeasance
108:Liquidation
93:Dissolution
2326:Categories
2296:Insolvency
2204:Government
2136:Compliance
2126:Charge-off
2106:Collection
2056:Bankruptcy
2049:Management
2016:Loan shark
1983:Government
1909:2017-04-26
1848:2020-05-02
1806:2020-07-20
1781:2013-10-14
1624:6 November
1333:References
1212:Plano Real
1100:currency.
1038:after the
1023:after the
997:after the
963:insolvency
905:newspapers
685:corruption
662:regulators
658:insolvency
625:UN Charter
498:Pari passu
363:By country
149:Liquidator
73:Bankruptcy
43:Insolvency
2253:Economics
2214:Municipal
2199:Diplomacy
2194:Corporate
2151:Distraint
1988:Municipal
1978:Debenture
1973:Corporate
1418:Citations
1258:defaulted
1127:1953) or
1040:Civil War
862:does not
825:austerity
620:sovereign
578:inflation
401:Hong Kong
376:Australia
216:Cram down
167:Claimants
126:Officials
60:Processes
2301:Interest
2274:Internal
2270:External
2189:Consumer
2121:Bad debt
1904:CNNMoney
1464:VOXLACEA
1381:(1998),
1275:See also
1010:Holstein
935:May 2023
713:Portugal
618:Since a
571:defaults
562:its debt
371:Anguilla
314:Mortgage
296:Security
265:Offences
175:Creditor
139:Tribunal
2291:Default
2219:Venture
2209:Medical
2181:Markets
2113:Evasion
2075:history
1756:2296886
1712:8 March
1245:debts.
1238:Genoese
1234:Fuggers
1034:by the
1006:Denmark
919:scholar
883:removed
868:sources
477:Default
411:Ireland
2108:
2071:Relief
1754:
1565:
1494:
1441:
1399:
1193:demand
1131:(e.g.
1025:Soviet
967:liquid
921:
914:
907:
900:
892:
833:budget
719:Causes
472:Debtor
416:Russia
391:Cayman
386:Canada
2224:Buyer
2031:Usury
1998:Loans
1965:Bonds
1752:JSTOR
1618:(PDF)
926:JSTOR
912:books
779:theft
709:Spain
444:Other
406:India
396:China
1950:Debt
1885:help
1714:2022
1626:2011
1563:ISBN
1492:ISBN
1439:ISBN
1397:ISBN
1066:the
961:and
898:news
866:any
864:cite
711:and
675:The
664:and
309:Lien
1744:doi
1187:an
877:by
615:).
381:BVI
103:IVA
83:CVA
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