League Table: Top Sovereign Default Repeat Offenders

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.

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Source: Serial Default and the “Paradox” of Rich-to-Poor Capital Flows (2004), C. Reinhart and K. Rogoff