Sovereign Debt Defaults Dip in 1999 but Not for Long
Joelson, Daniel, Global Finance
A gradual increase in sovereign debt defaults is expected over the next decade.
After a dreadful period in the early 1990s, sovereign debt defaults continued to decline in 1999, registering a 2% drop from 1998, according to a new survey from Standard & Poor's. The year, which saw widespread economic distress and international markets rattled by a devaluation in Brazil, was marked by only one new default-albeit a very notable one in still-troubled Ecuador-as well as a drop in the total and average amounts of debt in default. Celebrations may be premature, however, as 1999's figures may represent little more than the lull before a storm of debt default. Analyzing the …
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Publication information: Article title: Sovereign Debt Defaults Dip in 1999 but Not for Long. Contributors: Joelson, Daniel - Author. Magazine title: Global Finance. Volume: 14. Issue: 2 Publication date: February 2000. Page number: 50+. © Global Finance Media Inc. Feb 2009. Provided by ProQuest LLC. All Rights Reserved.
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