A state bankruptcy means the government fails to make debt and interest payments when due.
Failure to pay debts owed to creditors may be accompanied by an official announcement by the government that it will not pay the outstanding debts, or it may sometimes occur without any official announcement.
Nearly half of the countries of the European continent, 40% of the countries of Africa, and 30% of the countries of Asia declared bankruptcy during the previous two centuries.
Ecuador has declared itself bankrupt most times among sovereign nations.
It has declared bankruptcy 10 times.
Brazil, Mexico, Uruguay,…
