High Quality Content by WIKIPEDIA articles! A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full. It may be accompanied by a formal declaration of a government not to pay (repudiation) or only partially pay its debts (due receivables), or the de facto cessation of due payments. (Another name is national insolvency if default is not willful, for instance when total debts are more than total assets.) Most authorities will limit the use of "default" to mean failure to abide by the terms of bonds or other debt instruments. Countries have at times escaped the real burden of some of their debt through inflation. This is not "default" in the usual sense because the debt is honored, albeit with currency of lesser real value. Sometimes countries devaluate their currency by ending or altering the convertibility of their currency into precious metals or foreign currency at fixed rates. This is also not "default" in the usual sense of...

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