Area Country Year Until Description Asia India 1,958 Asia India 1,969 Asia India 1,972 Asia Indonesia 1,966 Asia Iran 1,992 Asia Iran 1,990 Asia Jordan 1,989 Asia Kuwait 1,990 1,991 Asia Lebanon 2,020 Lebanon defaulted on US$1.2 billion in Eurobonds. Asia Myanmar 1,984 Asia Myanmar 1,987 Asia Myanmar 2,002 Asia Mongolia 1,997 2,000 Asia North Korea 1,975 1,990 Asia Philippines 1,983 Asia Solomon Islands 1,995 2,004 Asia Sri Lanka 1,980 Asia Sri Lanka 1,982 Asia Sri Lanka 1,996 Asia Thailand 1,997 2,007 1997 Asian financial crisis Asia Turkey 1,978 Asia Turkey 1,982 Asia Vietnam 1,975 Europe Albania 1,990 Europe Bulgaria 1,990 Europe Croatia 1,993 1,996 Europe Greece 2,012 Europe Greece 2,015 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 Poland 1,981 Europe Russia 1,998 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 1,957 Europe Soviet Union 1,991 In its final monetary reform, the government retired all large ruble notes with severe limits on exchange. Europe Ukraine 1,998 2,000 Europe United Kingdom 1,976 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 1,983 Avoided default through a multinational emergency loan. Africa Algeria 1,991 Africa Angola 1,976 Africa Angola 1,985 Africa Angola 1,992 2,002 Africa Cameroon 2,004 Africa Central African Republic 1,981 Africa Central African Republic 1,983 Africa Côte d'Ivoire 1,983 Africa Côte d'Ivoire 2,000 Africa Côte d'Ivoire 2,011 Africa Egypt 1,984 Africa Gabon 1,999 2,005 Africa Ghana 1,979 Africa Ghana 1,982 Africa Liberia 1,989 2,006 Africa Kenya 1,994 Africa Kenya 2,000 Africa Madagascar 2,002 Africa Morocco 1,983 Africa Morocco 1,994 Africa Morocco 2,000 Africa Mozambique 1,980 Africa Nigeria 1,982 Africa Nigeria 1,986 Africa Nigeria 1,992 Africa Nigeria 2,001 Africa Nigeria 2,004 Africa Rhodesia 1,965 Africa Rwanda 1,995 Africa Sierra Leone 1,997 1,998 Africa South Africa 1,985 Africa South Africa 1,989 Africa South Africa 1,993 Africa Sudan 1,991 Africa Tunisia 1,986 Africa Zaire 1,979 Africa Zambia 1,983 Africa Zimbabwe 2,000 Africa Zimbabwe 2,006 See wikipedia's article Hyperinflation in Zimbabwe. Americas Antigua and Barbuda 1,998 2,005 Americas Argentina 1,982 Latin American debt crisis Americas Argentina 1,988 1,989 Latin American debt crisis Americas Argentina 2,001 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 2,005 2,016 Argentine debt restructuring Americas Argentina 2,014 Americas Argentina 2,020 Americas Barbados 2,018 Defaulted on its Eurobonds after the uncovering of its high sovereign debt in terms of debt-to-GDP ratio. Americas Bolivia 1,980 Latin American debt crisis Americas Bolivia 1,986 Latin American debt crisis Americas Bolivia 1,989 Latin American debt crisis Americas Brazil 1,961 Americas Brazil 1,964 Americas Brazil 1,983 Latin American debt crisis Americas Brazil 1,986 1,987 Americas Brazil 1,990 Americas Chile 1,961 Americas Chile 1,963 Americas Chile 1,966 Americas Chile 1,972 Americas Chile 1,974 Americas Chile 1,983 Latin American debt crisis Americas Costa Rica 1,962 Americas Costa Rica 1,981 Latin American debt crisis Americas Costa Rica 1,983 Latin American debt crisis Americas Costa Rica 1,984 Latin American debt crisis Americas Dominica 2,003 2,005 Americas Dominican Republic 1,975 2,001 Latin American debt crisis Americas Dominican Republic 2,005 Americas Ecuador 1,982 Americas Ecuador 1,984 Americas Ecuador 2,000 Americas Ecuador 2,008 Americas El Salvador 1,981 1,996 Americas Grenada 2,004 2,005 Americas Guatemala 1,986 Americas Guatemala 1,989 Latin American debt crisis Americas Guyana 1,982 Americas Honduras 1,981 Latin American debt crisis Americas Jamaica 1,978 Americas Mexico 1,982 Latin American debt crisis Americas Nicaragua 1,979 Americas Panama 1,983 Latin American debt crisis Americas Panama 1,987 Latin American debt crisis Americas Panama 1,988 1,989 Americas Paraguay 1,986 Latin American debt crisis Americas Paraguay 2,003 Americas Peru 1,969 Americas Peru 1,976 Americas Peru 1,978 Americas Peru 1,980 Latin American debt crisis Americas Peru 1,984 Latin American debt crisis Americas Suriname 2,001 2,002 Americas Trinidad and Tobago 1,989 Americas United States 1,971 Nixon Shock Americas Uruguay 1,983 Latin American debt crisis Americas Uruguay 1,987 Latin American debt crisis Americas Uruguay 1,990 Americas Venezuela 1,982 Latin American debt crisis Americas Venezuela 1,990 Americas Venezuela 1,995 1,997 Americas Venezuela 1,998 Americas Venezuela 2,004 Americas Venezuela 2,017 Venezuela defaulted on US$65 billion in external debt in November 2017 after years of unsustainable borrowing and a crash in global oil prices.