Episodes in which a national government or its currency loses the ability to meet its obligations or hold its exchange-rate peg, the external and domestic sovereign-debt and currency-crisis categories of the discipline's own crisis taxonomy. Belongs here: a sovereign default, debt restructuring or forced currency devaluation considered as a national or regional episode. Does not belong here: a currency collapsing into hyperinflation, grouped under Hyperinflations and Currency Collapses, or a domestic banking-system panic with no sovereign default or currency peg involved, grouped under Financial Panics and Banking Crises.
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Earliest Recorded EraSourced to the subject's own account All Sovereign Debt and Currency Crises
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1. Sovereign default (Wikipedia)
WikipediaSovereign default, Philip II of Spain sectionQuote, Sovereign default, Philip II of Spain section
Philip II of Spain defaulted on debt four times, in 1557, 1560, 1575 and 1596.
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