From 1800 to 1950, Argentina had been a relatively low frequency ‘defaulter’, but as the following chart fromThe Economist shows, since then (as we noted here) they have made up for it.
Argentina has defaulted on its
external debt seven times and on its domestic debt five times since
independence almost 200 years ago, putting it somewhere in the middle of
the historical ranks of the world’s serial defaulters.
However, as WSJ notes, a
long history of economic booms and busts have scarred the national
psyche and left external creditors wary as the country hovers on the
edge of its second default of the 21st century.
Argentina first defaulted on its sovereign debt in 1827, just 11 years after declaring independence from Spain.
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