On 17 August 1788, the royal treasury began paying creditors in
IOUs rather than money after service on debt (mainly from the
Seven Years' War and
American War of Independence) had depleted the royal treasury to just 400,000
livres (one day's worth of state expenses). To restore state credit, the royal ministry called the
Estates General of 1789 to make structural reforms to state revenue.[12]
After world commodity prices dropped on major Russian exports (particularly metals and oil) the
1998 Russian financial crisis ensued. Mounting debts led to the government declaring a moratorium on payments to international creditors.
Suspension of federal payments in
gold amid a bank crisis and international run on gold reserves[23][2]
1953
Congress refuses to raise the
United States debt ceiling, forcing the federal government to reduce spending, monetize gold, and use cash balances with banks until the ceiling was eventually raised.
Following years of instability, the
Argentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations.[24]
^Prado, Mario L. F. (2022), O Processo de Recuperação Econômica do Paraguai após a Guerra da Tríplice Aliança (1870-1890), University of São Paulo, São Paulo, p. 86
On 17 August 1788, the royal treasury began paying creditors in
IOUs rather than money after service on debt (mainly from the
Seven Years' War and
American War of Independence) had depleted the royal treasury to just 400,000
livres (one day's worth of state expenses). To restore state credit, the royal ministry called the
Estates General of 1789 to make structural reforms to state revenue.[12]
After world commodity prices dropped on major Russian exports (particularly metals and oil) the
1998 Russian financial crisis ensued. Mounting debts led to the government declaring a moratorium on payments to international creditors.
Suspension of federal payments in
gold amid a bank crisis and international run on gold reserves[23][2]
1953
Congress refuses to raise the
United States debt ceiling, forcing the federal government to reduce spending, monetize gold, and use cash balances with banks until the ceiling was eventually raised.
Following years of instability, the
Argentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations.[24]
^Prado, Mario L. F. (2022), O Processo de Recuperação Econômica do Paraguai após a Guerra da Tríplice Aliança (1870-1890), University of São Paulo, São Paulo, p. 86