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

Greece essentially defaulted on some obligations.

Borrowing countries such as Argentina or the Ottoman Empire regularly defaulted.

Unfortunately, its member states soon abandoned that goal and defaulted to national solutions.

Of the largest borrowers, only Brazil, in 1987, formally defaulted and only briefly.

Nearly 50 of those who had their mortgages modified nevertheless defaulted within six months.

The only sustained exception was Peru, which defaulted in 1985 and became an international pariah.

The banks defaulted on their loans, and creditors took large haircuts (reductions in principal value).

That year, oil prices plunged, interest rates soared, and the government defaulted on its debt.

Earlier this year, Mexico s foreign minister renegotiated 400 million of debt on which Cuba had defaulted.

Consequently, several implementation related tasks had defaulted to the IMIS development team, without any resource support

When Argentina defaulted in the 1890's, European investors simply discovered a new fashion investment in Russia.

Since their creation in Prussia in 1769 under Frederick the Great, not a single Pfandbrief has defaulted.

Default likely would be accompanied by severe economic contraction Argentina s GDP fell 15 after it defaulted in 2002.

After all, if they defaulted on their loans, the banks would repossess the house at a higher value.

They, in turn, would secure the votes for the federal government to assume and repay the states defaulted debts.

The authorities have defied the International Monetary Fund, defaulted on debts, and proudly proclaimed that Argentina has transcended traditional economics.

Countries throughout the world and throughout history have defaulted on their debts and lived to talk about it, even prosper.

So the full impact of the crisis remains ahead of us 1.3 million American homeowners have already defaulted on their mortgages.

Bolivia s 1988 buyback of close to half of its defaulted sovereign debt, an operation funded by international donors, is a classic example.

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

Some limited previous experience with mortgage modifications is not encouraging. Nearly 50 of those who had their mortgages modified nevertheless defaulted within six months.

The Constitution would create a new national government that could coin stable money, borrow, and repay debts, including the states defaulted Revolutionary War borrowings.

At the end of the biennium, about three field missions had defaulted in the submission of their inventory lists to the Field Operations Division.

A particularly telling example is the aftermath of the Napoleonic wars of the early nineteenth century, when a string of exhausted states defaulted on their obligations.

If Greece had defaulted, not only would Portugal, Spain, and other weaker eurozone economies have been threatened, but Europe would have faced a run on its securities.

President Nestor Kirchner of Argentina is often portrayed as an anti capitalist radical for proposing a haircut of over 90 on the value of Argentina's defaulted external debt.

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.

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.

Prior to its 2005 sovereign debt exchange, its legislature enacted a lock law, which barred the way to any future offers to holders of bonds on which Argentina defaulted in 2002.

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.

A debt standstill arose in September 1985 when South Africa defaulted on the repayment of 13.6 billion of foreign debt, which was over half of its total outstanding foreign debt at that time.

So, in both cases, when a debt is defaulted upon or loans become non performing, the negative consequences are felt by the entire financial and monetary zone the entire EU and all of China.

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).

Not only has Argentina repudiated the 100 billion in foreign debt on which it defaulted a decade ago it has also shrugged off criticism of its expropriation in April of the Spanish oil company Repsol.

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.

Since their creation in Prussia in 1769 under Frederick the Great, not a single Pfandbrief has defaulted. Unlike the financial junk pouring out of the US in recent years, covered bonds are a security that is worthy of the name.

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.

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, while private sector losses have been minimized, at what price? 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 .

Although the London Club was formed in the 1980s and still functions as a forum for renegotiating loans made by commercial banks, most of the new sovereign borrowing on international financial markets has been in the form of bonds, and no mechanism exists to treat defaulted bond debt.