Area Country Year Until Description Asia Republic of China (1912–49) 1921 Asia Republic of China (1912–49) 1932 Asia Republic of China (1912–49) 1939 Asia India 1958 Asia India 1969 Asia India 1972 Asia Indonesia 1966 Asia Iran 1992 Asia Iran 1990 Asia Japan 1942 Asia Japan 1946 1952 Due to the over-issued national bond amounted more than twice as GDP, bank accounts were blocked (bank blockade). Asia Jordan 1989 Asia Kuwait 1990 1991 Asia Lebanon 2020 Lebanon defaulted on US$1.2 billion in Eurobonds. Asia Myanmar 1984 Asia Myanmar 1987 Asia Myanmar 2002 Asia Mongolia 1997 2000 Asia North Korea 1975 1990 Asia Philippines 1983 Asia Solomon Islands 1995 2004 Asia Sri Lanka 1980 Asia Sri Lanka 1982 Asia Sri Lanka 1996 Asia Thailand 1997 2007 1997 Asian financial crisis Asia Turkey 1931 Asia Turkey 1940 Asia Turkey 1978 Asia Turkey 1982 Asia Vietnam 1975 Europe/Asia Ottoman Empire 1876 Europe/Asia Ottoman Empire 1915 Europe Albania 1990 Europe Archduchy of Austria 1796 Europe Archduchy of Austria 1802 Europe Austrian Empire 1811 Europe Austrian Empire 1816 Caused by the War of the Sixth Coalition. Ended by the establishment of Austria's central bank Oesterreichische Nationalbank. Europe Austria-Hungary 1868 Europe Austria 1938 Europe Austria 1940 Europe Austria 1945 Europe Bulgaria 1932 Europe Bulgaria 1990 Europe Croatia 1993 1996 Europe Denmark 1813 Danish state bankruptcy of 1813. Europe France 1812 State spending during the Napoleonic Wars was extremely high due in large manner to the high level of military expenditures. Europe Germany 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. Europe Germany 1939 Europe Germany 1948 See wikipedia's article London Agreement on German External Debts. Europe Germany - Hesse 1814 Europe Germany - Prussia 1807 Europe Germany - Prussia 1813 Europe Germany - Schleswig-Holstein 1850 Europe Germany - Westphalia 1812 Europe Greece 1826 Europe Greece 1843 Europe Greece 1860 Europe Greece 1893 Europe Greece 1932 Europe Greece 2012 Europe Greece 2015 Due 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). Europe Hungary 1932 Europe Hungary 1941 Europe Poland 1936 Europe Poland 1981 Europe Netherlands 1814 Instability resulting from the rule of Napoleon I in France. Europe Portugal 1828 Europe Portugal 1837 Europe Portugal 1841 Europe Portugal 1845 Europe Portugal 1852 Europe Portugal 1890 Europe Romania 1933 Europe Russia 1839 Europe Russia 1885 Europe Russia 1918 Repudiation of Tsarist debts by Bolshevik revolutionaries. Europe Russia 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. Europe Soviet Union 1947 Europe Soviet Union 1957 Europe Soviet Union 1991 In its final monetary reform, the government retired all large ruble notes with severe limits on exchange. Europe Spain 1557 Europe Spain 1575 Europe Spain 1596 Europe Spain 1607 Europe Spain 1627 Europe Spain 1647 Europe Spain 1652 Europe Spain 1662 Europe Spain 1666 Europe Spain 1809 Europe Spain 1820 Europe Spain 1831 Europe Spain 1834 Europe Spain 1851 Europe Spain 1867 Europe Spain 1872 Europe Spain 1882 Europe Spain 1936 1939 Europe Sweden 1812 Military expenditures as a consequence of the Napoleonic Wars. Europe Ukraine 1998 2000 Europe United Kingdom 1822 Europe United Kingdom 1834 Europe United Kingdom 1888 1889 Europe United Kingdom 1932 See the United Kingdom section in wikipedia's article War bond. Europe United Kingdom 1976 The 1976 IMF Crisis was a financial crisis in the United Kingdom in 1976 which forced the government to borrow US$3.9 billion (US$17.2 billion in 2018) from the International Monetary Fund, the largest loan ever to have been requested from the IMF. Europe Yugoslavia 1983 Avoided default through a multinational emergency loan. Africa Algeria 1991 Africa Angola 1976 Africa Angola 1985 Africa Angola 1992 2002 Africa Cameroon 2004 Africa Central African Republic 1981 Africa Central African Republic 1983 Africa Côte d'Ivoire 1983 Africa Côte d'Ivoire 2000 Africa Côte d'Ivoire 2011 Africa Egypt 1876 The crisis will cause the ‘Urabi Revolt and the subsequent British invasion of Egypt. Africa Egypt 1984 Africa Gabon 1999 2005 Africa Ghana 1979 Africa Ghana 1982 Africa Liberia 1989 2006 Africa Kenya 1994 Africa Kenya 2000 Africa Madagascar 2002 Africa Morocco 1983 Africa Morocco 1994 Africa Morocco 2000 Africa Mozambique 1980 Africa Nigeria 1982 Africa Nigeria 1986 Africa Nigeria 1992 Africa Nigeria 2001 Africa Nigeria 2004 Africa Rhodesia 1965 Africa Rwanda 1995 Africa Sierra Leone 1997 1998 Africa South Africa 1985 Africa South Africa 1989 Africa South Africa 1993 Africa Sudan 1991 Africa Tunisia 1867 Africa Tunisia 1986 Africa Zaire 1979 Africa Zambia 1983 Africa Zimbabwe 2000 Africa Zimbabwe 2006 See wikipedia's article Hyperinflation in Zimbabwe. Americas Antigua and Barbuda 1998 2005 Americas Argentina 1827 Default Americas Argentina 1890 Panic of 1890 Americas Argentina 1982 Latin American debt crisis Americas Argentina 1988 1989 Latin American debt crisis Americas Argentina 2001 Following 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. Americas Argentina 2005 2016 Argentine debt restructuring Americas Argentina 2014 Americas Argentina 2020 Americas Barbados 2018 Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio. Americas Bolivia 1875 Americas Bolivia 1927 Americas Bolivia 1931 Americas Bolivia 1980 Latin American debt crisis Americas Bolivia 1986 Latin American debt crisis Americas Bolivia 1989 Latin American debt crisis Americas Brazil 1898 Americas Brazil 1902 Americas Brazil 1914 Americas Brazil 1931 Americas Brazil 1937 Americas Brazil 1961 Americas Brazil 1964 Americas Brazil 1983 Latin American debt crisis Americas Brazil 1986 1987 Americas Brazil 1990 Americas Chile 1826 Americas Chile 1880 Americas Chile 1931 Americas Chile 1961 Americas Chile 1963 Americas Chile 1966 Americas Chile 1972 Americas Chile 1974 Americas Chile 1983 Latin American debt crisis Americas Colombia 1826 Americas Colombia 1850 Americas Colombia 1873 Americas Colombia 1880 Americas Colombia 1900 Americas Colombia 1932 Americas Colombia 1935 Americas Costa Rica 1828 Americas Costa Rica 1874 Americas Costa Rica 1895 Americas Costa Rica 1901 Americas Costa Rica 1932 Americas Costa Rica 1962 Americas Costa Rica 1981 Latin American debt crisis Americas Costa Rica 1983 Latin American debt crisis Americas Costa Rica 1984 Latin American debt crisis Americas Dominica 2003 2005 Americas Dominican Republic 1872 Americas Dominican Republic 1892 Americas Dominican Republic 1897 Americas Dominican Republic 1899 Americas Dominican Republic 1931 Americas Dominican Republic 1975 2001 Latin American debt crisis Americas Dominican Republic 2005 Americas Ecuador 1826 Americas Ecuador 1868 Americas Ecuador 1894 Americas Ecuador 1906 Americas Ecuador 1909 Americas Ecuador 1914 Americas Ecuador 1929 Americas Ecuador 1982 Americas Ecuador 1984 Americas Ecuador 2000 Americas Ecuador 2008 Americas El Salvador 1828 Americas El Salvador 1876 Americas El Salvador 1894 Americas El Salvador 1899 Americas El Salvador 1921 Americas El Salvador 1932 Americas El Salvador 1938 Americas El Salvador 1981 1996 Americas Grenada 2004 2005 Americas Guatemala 1933 Americas Guatemala 1986 Americas Guatemala 1989 Latin American debt crisis Americas Guyana 1982 Americas Honduras 1828 Americas Honduras 1873 Americas Honduras 1981 Latin American debt crisis Americas Jamaica 1978 Americas Mexico 1827 Americas Mexico 1833 Americas Mexico 1844 Americas Mexico 1850 Americas Mexico 1866 Americas Mexico 1898 Americas Mexico 1914 Americas Mexico 1928 1930s Americas Mexico 1982 Latin American debt crisis Americas Nicaragua 1828 Americas Nicaragua 1894 Americas Nicaragua 1911 Americas Nicaragua 1915 Americas Nicaragua 1932 Americas Nicaragua 1979 Americas Panama 1932 Americas Panama 1983 Latin American debt crisis Americas Panama 1987 Latin American debt crisis Americas Panama 1988 1989 Americas Paraguay 1874 Americas Paraguay 1892 Americas Paraguay 1920 Americas Paraguay 1932 Americas Paraguay 1986 Latin American debt crisis Americas Paraguay 2003 Americas Peru 1826 Americas Peru 1850 Americas Peru 1876 Americas Peru 1931 Americas Peru 1969 Americas Peru 1976 Americas Peru 1978 Americas Peru 1980 Latin American debt crisis Americas Peru 1984 Latin American debt crisis Americas Suriname 2001 2002 Americas Texas 1842 The Republic of Texas devalued chartal notes that it had issued extensively after the Panic of 1837. Americas Trinidad and Tobago 1989 Americas United States 1780 Devaluation of the Continental dollar to 1/40 of face value. Americas United States 1790 Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790. Americas United States 1798 The United States ceased payment of its debt to the overthrown Kingdom of France, prompting the Quasi-War. Americas United States 1862 The Greenback Default Americas United States 1933 Executive Order 6102 Americas United States 1971 Nixon Shock Americas Uruguay 1876 Americas Uruguay 1891 Americas Uruguay 1915 Americas Uruguay 1933 Americas Uruguay 1937 Americas Uruguay 1983 Latin American debt crisis Americas Uruguay 1987 Latin American debt crisis Americas Uruguay 1990 Americas Venezuela 1826 Americas Venezuela 1848 Americas Venezuela 1860 Americas Venezuela 1865 Americas Venezuela 1892 Americas Venezuela 1898 Americas Venezuela 1982 Latin American debt crisis Americas Venezuela 1990 Americas Venezuela 1995 1997 Americas Venezuela 1998 Americas Venezuela 2004 Americas Venezuela 2017 Venezuela defaulted on US$65 billion in external debt in November 2017 after years of unsustainable borrowing and a crash in global oil prices. Oceania Australia 1931 Australia defaulted on its entire stock of domestic debt owed to bond and note holders. See wikipedia's article Great Depression in Australia.