Sovereign haircuts / COL
Colombia
6 concluded restructurings, between 1845 and 1941. The earliest default they settle began in 1826. The worst cost creditors 96.6% of the present value of their claim, in 1845. The longest gap between a default and its settlement was 19 years.
Every restructuring
Two measures of the same deals, never combined. The present-value haircut discounts what creditors got against what they were owed; the face-value reduction counts only principal written off.
| Default | Settled | Years to settle | Present-value haircut | Face-value reduction | Debt treated (2020 $) | Source |
|---|---|---|---|---|---|---|
| 1826 | 1845 | 19 | 96.6% | 0.0% | $1.01B | Meyer, Reinhart and Trebesch (2022) |
| 1853 | 1861 | 8 | 66.8% | 0.0% | $764M | Meyer, Reinhart and Trebesch (2022) |
| 1872 | 1872 | 0 | 79.3% | 69.6% | $708M | Meyer, Reinhart and Trebesch (2022) |
| 1880 | 1896 | 16 | 86.9% | 50.4% | $680M | Meyer, Reinhart and Trebesch (2022) |
| 1900 | 1905 | 5 | 9.7% | 0.0% | $317M | Meyer, Reinhart and Trebesch (2022) |
| 1931 | 1941 | 10 | 65.3% | 11.6% | $819M | Meyer, Reinhart and Trebesch (2022) |
Source: Meyer, Reinhart & Trebesch (2022), Sovereign Bonds since Waterloo | Cruces & Trebesch (2013), Sovereign Defaults: The Price of Haircuts | Asonuma & Trebesch (2016) Debt treated is the amount restructured, deflated to constant 2020 US dollars in the source file. A negative haircut means the new instruments were worth more than the old claim. Methodology
Default spells
| Spell | From | To | Years | Restructurings |
|---|---|---|---|---|
| COL_1826-1845 | 1826 | 1845 | 20 | 1 |
| COL_1853-1861 | 1853 | 1861 | 9 | 1 |
| COL_1872-1872 | 1872 | 1872 | 1 | 1 |
| COL_1880-1896 | 1880 | 1896 | 17 | 1 |
| COL_1900-1905 | 1900 | 1905 | 6 | 1 |
| COL_1931-1941 | 1931 | 1941 | 11 | 1 |
Source: Meyer, Reinhart & Trebesch (2022), Sovereign Bonds since Waterloo | Cruces & Trebesch (2013), Sovereign Defaults: The Price of Haircuts | Asonuma & Trebesch (2016) Duration counts both endpoints. The spells table also carries a cumulative-haircut column; it is not published here because it does not reconcile with the per-episode haircuts, see the methodology. Methodology
Debt still in default
The Bank of Canada-Bank of England default database records no debt in default for Colombia in its latest year.
Source: Bank of Canada-Bank of England Sovereign Default Database (CRAG) Bank of Canada terms (attribution). Includes domestic arrears, so it is not comparable with the debt-treated column above. Methodology