seral defaulter

 5. Chile. Chile has a bad default record, having defaulted nine times and doing so as recently as 1983. Interestingly, between 1961 and 1974, Chile defaulted five times. Chile has spent 27.5% of its life in default.

4. Costa Rica. The island nation has defaulted nine times, with the most recent default coming in 1984. Costa Rica defaulted six times in the twentieth century and has spent 38.2% of its life in default.

3. Ecuador. Ecuador recently defaulted in 2008, but that was only the most recent installment in what is a remarkable default record. Ecuador defaulted six times in the twentieth century and has spent 58.2% of its post-independence time in default. In all, it has defaulted nine times.

2. Venezuela. Venezuela famously defaulted in 2004 on its foreign bonds, but default is nothing new for this Latin American nation. Venezuela has defaulted ten times in its history and has spent 38.4% of its time post-independence in default.

1. Spain.The Kingdom of Spain has defaulted a whopping thirteen times in its history, having spent 23.7% of its years as an independent nation in default. The Iberian nation last defaulted in 1882, but that year followed a century in which Spain defaulted a staggering eight times.

Honorable Mention: a few nations that deserve an honorable mention and may soon move in to this collection include:

• Uruguay: eight defaults, 12.8% of life.


• Austria: seven times, 17.4%.


• Hungary: seven times, 37.1%.


• Argentina: seven times, 32.5%.


• Colombia: seven times, 36.2%.


• Portugal: six times, 10.6%.


• Greece: five times, 50.6%.

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