Great Moments in Euro Default History

Happens all the time, apparently, and not just to Greece.  Everyone in Europe defaults sometime or other, so don’t fall out of your chair should it happen again.

Here’s Bryan Taylor via USA Today with some historical perspective…

The first time Greece issued debt was Feb. 21, 1824, when it sold bonds yielding 5%. Those 1824 bonds paid just five payments before the nation defaulted in July 1827, Taylor says.

But let’s not make the mistake of painting Greeks as deadbeats. National defaults, while rare, aren’t unheard of. Other European nations that have defaulted include: Austria (three times), Bulgaria (twice), Germany (in 1932), Hungary (1931), Italy (1940), Poland (twice), Portugal (twice), Romania (three times), Russia (twice), Serbia/Yugoslavia (three times), Spain (three times) and Turkey (four times).

So yes, Greece has defaulted or devalued a handful of times, but this is not an exclusively Hellenic trait.

Source:

Greece Has Defaulted Before, and So Have Many Others (USAToday)

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