From royal overspending in the age of empires to modern economic meltdowns, countries have a long history of dodging their debts. Spain’s Philip II defaulted four times in the 1500s, while Greece and Argentina have made a habit of it over the past two centuries. Even today, nations like Sri Lanka face economic collapse, with inflation soaring and basic goods out of reach.
Most countries, it turns out, have gone broke at least once. But what really happens when a country decides it just can’t pay up? Click through this gallery to find out.