Page "Bankruptcy" Paragraph 8

A failure of a nation to meet bond repayments has been seen on many occasions.

Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596.

According to Kenneth S. Rogoff, " Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the numerous defaults of France, Portugal, Prussia, Spain, and the early Italian city-states.

At the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well.