Go to the Globe and Mail homepage

Jump to main navigationJump to main content

In this March 23, 1932 file photo, an unemployed man starts a fire for cooking in this vacant lot in New York City
In this March 23, 1932 file photo, an unemployed man starts a fire for cooking in this vacant lot in New York City

Past defaults by U.S. states and cities Add to ...

Defaults by U.S. states and cities are rare, but have happened:

1840s

After a banking crisis, Illinois, Pennsylvania, Michigan, Indiana, Maryland, Mississippi, Arkansas, Louisiana and Florida defaulted on their debt.

1870s

After the Civil War, roughly a quarter of the municipal debt in the U.S. was in technical default.

More related to this story

1930s

In the wake of the Great Depression, Arkansas defaulted in 1933. Over an eight-year period, 14 per cent of counties and 9 per cent of municipalities defaulted.

1970s

In 1978, Cleveland became the first major U.S. city since the Great Depression to default on its debt; New York City narrowly averted default three years earlier

Sources: Citigroup, Case Western University, University of Maryland

Follow us on Twitter: @GlobeBusiness

 

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories