c Defaulted on restructured loans, December 1998 defaulted on interest arrears notes, June 1999.

Listen to this less than four tenths of one percent of those being treated stopped taking their medicine or otherwise defaulted on treatment.

Argentina has technically defaulted American and European financial institutions and markets are jittery and Russia is promising that the sanctions it faces will have no impact on its economy.

Of the largest borrowers, only Brazil, in 1987, formally defaulted and only briefly. As President José Sarney, backing down, admitted, The fact is that we cannot destroy the international system.

Economy downturn incomes fall some people can t repay mortgages banks sell defaulted houses at low prices house prices fall more people stop paying home mortgages banks sell houses again prices fall again ...

The largest number of defaults on sub prime mortgages will occur this spring. So the full impact of the crisis remains ahead of us 1.3 million American homeowners have already defaulted on their mortgages.

The G 20, which represents 80 of world output, came into its own in 2009 as the only multilateral body able to coordinate global economic policy. Unfortunately, its member states soon abandoned that goal and defaulted to national solutions.

Traditionally, sovereign risk has been concentrated in emerging market economies. After all, in the last decade or so, Russia, Argentina, and Ecuador defaulted on their public debts, while Pakistan, Ukraine, and Uruguay coercively restructured their public debt under the threat of default.

This week, Greece defaulted on its payments to the IMF, rightly choosing pensions over debt service. The country s creditors should now negotiate a consensual debt reduction through some combination of lower (and fixed) interest rates, reduced face value of debt, and very long maturities.

For starters, in 2001, Argentina unilaterally defaulted on its entire 100 billion debt, an unusual step, rather than negotiating new terms with its creditors. When, in 2005, the government finally got around to negotiating a debt swap, it could almost dictate the terms a 70 haircut.

Article 58 In the reorganization process of an enterprise, the wages and subsidies for medial treatment and disability, comfort and compensatory expenses, basic social insurance premiums, public accumulation funds for housing defaulted by the enterprise shall be paid off with the existing assets of the enterprise in priority.

This is not the first time that an Argentine default has upended international capital markets. According to the tabulation that Carmen Reinhart and I compiled in our 2009 book This Time is Different, Argentina has defaulted on seven previous occasions in 1827, 1890, 1951, 1956, 1982, 1989, and 2001.

As with RMBS, this view that public debt was totally safe was underpinned by the fact that no advanced country, at least in the post 1945 era, had ever defaulted. Investors thus assumed that they did not need to assess the credit risk of eurozone countries (national) public debt.

The only reason the country has not long since defaulted on its debts is that the European Central Bank continues to provide funds to the Greek central bank through its emergency liquidity assistance (ELA) scheme. The Greek central bank, in turn, lends money to the country s commercial banks, which lend it to Greek citizens and foreign creditors.

In the 1830 s and 1840 s, a number of states had over invested in the leading transport technology of the time nbsp canals. When the canal building boom ended, eight states and the Territory of Florida (accounting for about 10 of the entire US population at the time) were unable to service their debt and defaulted on their, mostly British, loans.

In the 1830 s and 1840 s, a number of states had over invested in the leading transport technology of the time canals. When the canal building boom ended, eight states and the Territory of Florida (accounting for about 10 of the entire US population at the time) were unable to service their debt and defaulted on their, mostly British, loans.

Because Spain and France defaulted so much in the early modern period, and because Greece, from the moment of its political birth in 1830, was a chronic or serial defaulter, some assume that national temperament somehow imbues countries with a proclivity to default. But that search for long historical continuity is facile, for it misses one of the key determinants of debt sustainability the identity of the state s creditor.

The solution that was eventually adopted was considered brilliant at the time, because it avoided formal default by any of the big Latin American borrowers (though Brazil briefly defaulted five years later, in 1987). It involved a combination of three elements immediate international assistance, through the International Monetary Fund severe domestic retrenchment, enforced by the highly unpopular conditionality of IMF programs and additional financing provided by the banks.

Had Greece defaulted on its debt in 2010, imposing the same haircut on private creditors as it has imposed now, it would have reduced the debt to GDP ratio to a more manageable 80 . That would have been painful, but it could have spared the Greeks from a 7 decline in GDP and a rise in unemployment to 22 (including an increase in youth unemployment to a whopping 48 ).

On this topic, there is no shortage of expert plans among them bond buy backs, bond swaps, and the creation of Eurobonds, a European version of the Brady bonds issued by Latin American countries that defaulted in the 1980 s. What all such schemes amount to is piling one lot of bonds on top of another in an attempt to square the circle of Greece s inability to pay, and to minimize the losses faced by its creditors mostly European banks.