MarketsAug 3, 2024
The 10 Largest Sovereign Debt Defaults Since 1983 📉
What We’re Showing
This graphic shows the 10 largest sovereign debt defaults between 1983 and 2022, based on data from Moody’s via Aswath Damodaran.
Key Takeaways
- Greece’s default in 2012 stands as the biggest in modern history, occurring when the country was mired in recession for the fifth consecutive year
- The country defaulted again just nine months later, making it the fourth-largest default ever
- Other repeat offenders include Argentina, which has defaulted three times since 1983 and nine times over the country’s history
- During Russia’s 1998 currency crisis, the rouble erased more than two-thirds of its value in a matter of weeks, and the country defaulted on $72.7 billion in loans
Dataset
Ranking | Country | Total Defaulted Debt | Date | Rating at Default |
---|---|---|---|---|
1 | Greece | $264.2B | Mar 2012 | C |
2 | Argentina | $82.3B | Nov 2001 | Caa3 |
3 | Russia | $72.7B | Aug 1998 | Caa1 |
4 | Greece | $41.4B | Dec 2012 | C |
5 | Lebanon | $31.3B | Mar 2020 | Ca |
6 | Venezuela | $31.1B | Nov 2017 | Caa3 |
7 | Argentina | $29.4B | Jul 2014 | Caa2 |
8 | Ecuador | $17.3B | Apr 2020 | Caa3 |
9 | Ukraine | $13.3B | Oct 2015 | Ca |
10 | Argentina | $10.5B | Feb 2020 | Caa2 |
54
0
23.3K