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