League Table: The Top Sovereign Default Repeat Offenders 1 comment
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Given news that Ecuador has willfully defaulted on some 2012 bonds -- it could have made the payment, but it chose not to -- it’s worth scanning the league tables of top sovereign default repeat offenders.
As you can see, with this bold move Ecuador has vaulted from a tie for third place with Venezuela to a solo hold on second place. This is going to get interesting. Over to you, Hugo.
Source: Serial Default and the “Paradox” of Rich-to-Poor Capital Flows (2004), C. Reinhart and K. Rogoff.
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