Non-payment

The non-payment indicates the fact that a Entreprise or a Pays refuses to pay a part or totality of its Dette S.

The non-payment on behalf of a company can involve the Faillite this one.

For the private individuals, to see the article: personal Bankruptcy

Case of the Sovereign states

The States have five types of debts:

the Foreign debt: together debts contracted abroad, i.e. subjugated a foreign legislation, which it is necessary to separate between:

1 - has bilateral debt: that due to others States;
1 - B debt banking: that due to Bank S;
1 - C debt negotiable: that emitted in the form of obligations, said sovereign obligations, in a foreign currency.

the Domestic debt: together debts contracted locally in the country, subjugated with the local legislation, which it is advisable to separate between:

2 - non-negotiable debt
2 has - B debt negotiable and made out in local currency, i.e. the Government loans.

One does not count like defect the delays or cancellation of payment on debts of the type 1 - has and 2 - has , insofar as one generally considers that the part 1 - has (debt towards other States) raises of the international policy and the part 2 - has (non-negotiable domestic debt) as for it, of the interior policy and the kingly privileges of the States.

Frequency

The non-payments on behalf of Sovereign states became rather frequent, in particular since 1982. The Credit rating agency Standard and Poor' S thus listed 90 countries having been lacking since 1975, of which some on several occasions. For example, the Peru was lacking in 1976, then in 1978, then again in 1980, then finally between 1983 and 1997.

Degrees of gravity and consequences

Certain defects are due to cases of major force specific like, for example, that of the Kuwait, whose payments of interest were stopped throughout Iraqi occupation between August 1990 and January 1991.

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Major crises

Certain defects caused particularly important financial crises.

In August 1982, the defect of the Mexico on its banking debt in currencies was the event release of a banking crisis world and trained the defect of almost about thirty country.
In August 1998, the defect of the Russia on its Government loans, GKO, caused a financial crisis of exceptional importance.

In addition, in 2001 the Argentinian Economic crisis, inter alia, caused the defect of Argentina on all the compartments of its debt and in 2002, the fear of a defect of the Brésil in the event of victory of Lula caused important movements on the Bond market.

See: monetary and financial Crises

Case of the companies

principal Article: Suspension of payment

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