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Dieser Artikel ist ganz interessant, um den Thread mal historisch ins rechte Licht zu rücken.

LONDON, Dec 20 (Reuters) - Argentina may be on the verge of the world`s largest ever bond default, but with just three defaults on its foreign currency bond debt and one on its bank loans in the past 177 years, it is far down in the default rankings.
According to data from ratings agency Standard & Poor`s going back to 1824, Argentina has been in default on its foreign currency bond debt in 1828-57, 1890-93 and 1989 and once on its foreign currency bank debt from 1982-93, during the Latin American loan crisis.
Given that the history of bond and loan defaults stretches back to a temple in Ancient Greece, crisis-prone Argentina`s record is surprisingly good, when it comes to avoiding default.
It comes out relatively well by comparison with its Latin American peers.
Mexico, now regarded as a safe-haven which is about to shed its emerging markets tag, has been in default on its foreign currency bond debt seven times since 1824 and once on its foreign currency bank debt from 1982-90.
Argentina`s neighbour, Brazil has been in default on its foreign currency debts six times and on its bank debt once.
Among developed countries Austria takes the prize for the most defaults since 1824 with five, while Portugal, Greece and Spain have defaulted three times apiece.
The prize, however goes to Ecuador, most recently in default in 1999 and the Latin American country has been in default on eight separate occasions on its foreign currency bond debt since 1824 and once on its foreign currency bank debt, according to S&P.
The prize for the longest period of continuous default goes to the former Soviet Union, where the problem of Tsarist debts were not finally cleared up until 1997, a period of 79 years since the 1918 default.
Default rates on sovereign debts have fallen sharply since the peak of 1990, the time of the ending of the last great emerging market bond crisis.
According to S&P, the bond default rate was 13.9 percent in 1999, the year of the last large-scale default by Ecuador, well below its peak of nearly 31 percent in 1990, while the value of sovereign debt in default in 1999 was about $102 billion and 69 percent below the amount in default in 1990.
One reason defaults are less likely than in the 1990s is that bank lending to, and bond issues by emerging countries has dried to a trickle again.
According to data from the International Monetary Fund, the amount of money raised by emerging market borrowers is at its lowest level since 1990.
((David Chance, London Capital Markets +44 207 542 6784, david.chance@reuters.com))


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Thursday, 20 December 2001 13:48:59
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