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List Of Sovereign Defaults
The list of sovereign debt crises involves the inability of independent countries to meet its liabilities as they become due. These include: *A sovereign default, where a government suspends debt repayments *A debt restructuring plan, where the government agrees with other countries, or unilaterally reduces its debt repayments *Requiring assistance from the International Monetary Fund or another international source Debts could be owed either to private parties within a country, to foreign investors, or to other countries. The following table includes actual sovereign defaults and debt restructuring of independent countries since 1557. See also *List of corporate collapses and scandals *List of stock market crashes and bear markets *List of largest U.S. bank failures *Currency crisis *Government debt *War reparations *Global settlement *London Club *Paris Club The Paris Club (french: Club de Paris) is a group of officials from major creditor countries whose role is to find ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Default
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced. A credit rating agency will take into account in its gradings capital, interest, extraneous and procedural defaults, and failures to abide by the terms of bonds or other debt instruments. Countries have at times escaped some of the real burden of their debt through inflation. This is not "default" in the usual sense because the debt is honored, albeit with currency of lesser real value. Sometimes governments devalue their currency. This can be done by printing more money to apply toward their own debts, or by ending or altering the convertibility of their currencies into precious metals or foreign currency at fixed rates. Harder to quantify than an int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deflation
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but sudden deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive. Economists generally believe that a sudden deflationary shock is a problem in a modern economy because it increases the Real versus nominal value (economics), real value of debt, especially if the deflation is unexpected. Deflation may also aggravate recessions and lead to a deflationary spiral. Some economists argue that prolonged deflationary periods are related to the underlying of technological progress in an economy, because as productivity increases (Total factor productivity, TFP), t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lausanne Conference Of 1932
The Lausanne Conference was a 1932 meeting of representatives from the United Kingdom, Germany, and France that resulted in an agreement to suspend World War I reparations payments imposed on Germany by the Treaty of Versailles. Held from June 16 to July 9, 1932, it was named for its location in Lausanne, Switzerland. The Hoover Moratorium had placed a hold on war reparations payments in 1931, and a year later the delegates to the Lausanne Conference realized that the deepening world financial crisis in the Great Depression made it nearly impossible for Germany to resume its payments. However, Britain and France and other Allies had borrowed heavily to fight the war, and in particular, France and Belgium were struggling after having had their infrastructure severely damaged by the fighting and by the deliberate destruction and plundering from retreating German forces as the war drew to a close. Therefore, the delegates came to an informal understanding that the permanent eliminati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street Crash
The Wall Street Crash of 1929, also known as the Great Crash, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange collapsed. It was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its aftereffects. The Great Crash is mostly associated with October 24, 1929, called ''Black Thursday'', the day of the largest sell-off of shares in U.S. history, and October 29, 1929, called ''Black Tuesday'', when investors traded some 16 million shares on the New York Stock Exchange in a single day. The crash, which followed the London Stock Exchange's crash of September, signaled the beginning of the Great Depression. Background The "Roaring Twenties", the decade following World War I that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Young Plan
The Young Plan was a program for settling Germany's World War I reparations. It was written in August 1929 and formally adopted in 1930. It was presented by the committee headed (1929–30) by American industrialist Owen D. Young, founder and former chairman of Radio Corporation of America (RCA), who, at the time, was a member of the board of trustees of the Rockefeller Foundation. Young also had been one of the representatives involved in a previous war-reparations restructuring arrangement—the Dawes Plan of 1924. The Inter-Allied Reparations Commission established the German reparation sum at a theoretical total of 132 billion, but a practical total of 50 billion gold marks. After the Dawes Plan was put into operation in 1924, it became apparent that Germany would not willingly meet the annual payments over an indefinite period. The Young Plan reduced further payments by about 20 percent. Although the theoretical total was 112 billion Gold Marks, equivalent to US ca. $27 billi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Reparations
War reparations are compensation payments made after a war by one side to the other. They are intended to cover damage or injury inflicted during a war. History Making one party pay a war indemnity is a common practice with a long history. Rome imposed large indemnities on Carthage after the First (Treaty of Lutatius) and Second Punic Wars. Some war reparations induced changes in monetary policy. For example, the French payment following the Franco-Prussian war played a major role in Germany's decision to adopt the gold standard; the 230 million silver taels in reparations imposed on defeated China after the First Sino-Japanese War led Japan to a similar decision. There have been attempts to codify reparations both in the Statutes of the International Criminal Court and the UN Basic Principles on the Right to a Remedy and Reparation for Victims, and some scholars have argued that individuals should have a right to seek compensation for wrongs they sustained during warfare ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First World War
World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fighting occurring throughout Europe, the Middle East, Africa, the Pacific, and parts of Asia. An estimated 9 million soldiers were killed in combat, plus another 23 million wounded, while 5 million civilians died as a result of military action, hunger, and disease. Millions more died in genocides within the Ottoman Empire and in the 1918 influenza pandemic, which was exacerbated by the movement of combatants during the war. Prior to 1914, the European great powers were divided between the Triple Entente (comprising France, Russia, and Britain) and the Triple Alliance (containing Germany, Austria-Hungary, and Italy). Tensions in the Balkans came to a head on 28 June 1914, following the assassination of Archduke Franz Ferdina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Versailles Treaty
The Treaty of Versailles (french: Traité de Versailles; german: Versailler Vertrag, ) was the most important of the peace treaties of World War I. It ended the state of war between Germany and the Allied Powers. It was signed on 28 June 1919 in the Palace of Versailles, exactly five years after the assassination of Archduke Franz Ferdinand, which led to the war. The other Central Powers on the German side signed separate treaties. Although the armistice of 11 November 1918 ended the actual fighting, it took six months of Allied negotiations at the Paris Peace Conference to conclude the peace treaty. The treaty was registered by the Secretariat of the League of Nations on 21 October 1919. Of the many provisions in the treaty, one of the most important and controversial was: "The Allied and Associated Governments affirm and Germany accepts the responsibility of Germany and her allies for causing all the loss and damage to which the Allied and Associated Governments and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Weimar Republic
The Weimar Republic (german: link=no, Weimarer Republik ), officially named the German Reich, was the government of Germany from 1918 to 1933, during which it was a constitutional federal republic for the first time in history; hence it is also referred to, and unofficially proclaimed itself, as the German Republic (german: Deutsche Republik, link=no, label=none). The state's informal name is derived from the city of Weimar, which hosted the constituent assembly that established its government. In English, the republic was usually simply called "Germany", with "Weimar Republic" (a term introduced by Adolf Hitler in 1929) not commonly used until the 1930s. Following the devastation of the First World War (1914–1918), Germany was exhausted and sued for peace in desperate circumstances. Awareness of imminent defeat sparked a revolution, the abdication of Kaiser Wilhelm II, formal surrender to the Allies, and the proclamation of the Weimar Republic on 9 November 1918. In its i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Napoleonic Wars
The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of French domination over most of continental Europe. The wars stemmed from the unresolved disputes associated with the French Revolution and the French Revolutionary Wars consisting of the War of the First Coalition (1792–1797) and the War of the Second Coalition (1798–1802). The Napoleonic Wars are often described as five conflicts, each termed after the coalition that fought Napoleon: the Third Coalition (1803–1806), the Fourth (1806–1807), the Fifth (1809), the Sixth (1813–1814), and the Seventh (1815) plus the Peninsular War (1807–1814) and the French invasion of Russia (1812). Napoleon, upon ascending to First Consul of France in 1799, had inherited a republic in chaos; he subsequently created a state with stable financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consolidated Third
The Consolidated Third ( French: ''le tiers consolidé'') is the name given in France to the 1797 repudiation of public debt of which only one third was guaranteed. In 1797, France faced a debt load of 4 billion francs, much higher than the previous peak in 1715, and a new record. Moreover, the country was experiencing a phase of hyperinflation due, in part, to Gresham's law thanks to the over-printing of Assignat, which lowered purchasing power. Due to this, the French Directory and the Minister of Finance, Dominique-Vincent Ramel-Nogaret, on 30 September 1797,« 30 septembre 1797 La banqueroute des deux tiers » by Fabienne Manière, for ''herodote.net'', 4 May 2012 (French). issued one-time only paper bonds that would be redeemable for national lands; [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dominique-Vincent Ramel-Nogaret
Dominique-Vincent Ramel (called Ramel de Nogaret; 3 November 1760 – 31 March 1829) was a French lawyer and politician who became Minister of Finance under the French Directory. He was an energetic reformer, but was blamed for many of the financial problems of the time, and went into retirement during the French Consulate and First French Empire. He supported Napoleon during the Hundred Days of 1815. After the second Bourbon Restoration, as a regicide he was forced into exile in Belgium, where he died without returning to France. Early years Dominique-Vincent Ramel was born in Montolieu, Aude, France, on 3 November 1760. His father's family were bourgeois cloth merchants and manufacturers established in Montolieu and said to have originated from Nogaret, Haute-Garonne. His great-grandfather, Antoine Ramel (1643–1715) was a king's advocate. His parents were Jean-Baptiste Ramel (1718–1800) and Marie-Rose Ducup of Saint-Ferriol (died 1791). He attended law school in Toulouse. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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