Sovereign debt crisis in history

In the heart of Buenos Aires, the Argentine capital, some poor people live in simple houses that are just a few blocks away from high-rise buildings. News background before the 1990s, the financial crisis usually manifested itself in a single form. For example, the sterling crisis of the 1960s was a simple currency crisis, and the the 1980s American Savings and Loan association crisis was a typical banking crisis.　　But since the 1990s, the currency crisis, the banking crisis and the debt crisis at the same time or one after another, has become a typical feature of the economic crisis. Latin America's debt crisis in the 1970s, Latin America to achieve industrialization, the development of its economy, a large number of foreign debt borrowed. The increase in external debt led to a widespread debt crisis in Latin America in the 1980 ~1985 years, with nearly 40 developing countries demanding a rescheduling.　　It was not until 2003 that Latin America emerged from its debt crisis. Russian debt crisis in 1998, Russia's continued economic crisis led to devaluation of the rouble and government debt defaults. The Russian debt crisis was mixed with the financial crisis, the production crisis and the budget crisis.　　After the impact of the early crisis, Russia's large debts maturing in 1998, the arrears need to be repaid, the new government to undertake the debt servicing task, the responsibility is significant, this announced the serious situation of the fiscal debt crisis.　　The debt crisis sparked sharp swings in financial markets such as Russia and Germany, the biggest creditor. Argentina's debt crisis in 2000, Argentina's total foreign debt amounted to 146.2 billion U.S. dollars, equivalent to 4.7 times times the current year's foreign exchange earnings, the year debt service accounted for 38% of export earnings.　　Affected by the financial crisis in South-East Asia and the financial crisis in Brazil, in November 2001, the Argentine Government announced its inability to repay its foreign debt and decided to implement a debt restructuring. Before that, Argentina's economy had plunged into recession, and the government's fiscal deficit and debt situation had deteriorated markedly. The government has had to finance the deficit through domestic banks, and government debt as a percentage of bank assets has risen sharply, significantly increasing the credit risk of the banking system. In January 2002, the Argentine Government confirmed its $81.8 billion external debt default. Argentina has thus become the largest 倒账 country in the world ever.