<div class="css-105lg8x e3mhczn0"><div class="css-z41hwl e1a1lgff0"><section class="css-yezxw8 e12tqyss0"><div class="css-1nbyogb e195wpn30"><span class="css-xidzag e1b9gwda0"><a href="/special-report" data-analytics="sidebar:section"><span>Special report</span></a></span><span class="css-z3012 e17k1v3f0"> | Lessons from history</span></div><h1 class="css-1ugm8pm e1c1hwj10">Big, rich countries have rarely repaid debt with surpluses</h1><h2 class="css-1fxcbca e6h2z500">Since 1913, even default has been more common</h2><div class="css-bcvd5n e1c90fta0"></div></section></div></div>

<div class="css-1uuz26i e3mhczn0"><div class="css-z41hwl e1a1lgff0"><div class="css-10sg9eo euf71ye0"><div class="css-1qcvsun e1g8zjgp0"><div class="css-jbc7vr el417p50"><div class="css-zr3q0n e5z0ibw0"><time datetime="2025-10-13T12:15:43.781Z" class="css-1rlefqb e1t74fno0"> Oct 13th 2025</time><span class="css-1x6wy4g e1g8zjgp1">|</span><span class="css-cskdai e1g8zjgp2">2 min read</span></div></div></div><section class="css-131nsz2 ei2yr3n0"><div class="css-5nzj3w ei2yr3n1"><p data-component="paragraph" class="css-1l5amll e1y9q0ei0"><span data-caps="initial">B</span><small>efore the</small> second world war defaults by leading economies were not unheard of. France forcibly made some short-term obligations perpetual in 1848.&nbsp;Britain never repaid some of its great war debts to America.&nbsp;America itself passed a law in 1933 voiding the rights of creditors to demand repayment equal in value to a certain weight of gold, after President Franklin Roosevelt abolished the gold standard—technically a default. Many European powers defaulted during or shortly after the second world war.</p></div></section><div class="css-bg5ade e1x32ctw0"><div class="css-bcvd5n e1c90fta0"><hr class="rule_mb-rule__TPQVN margin_mb-u-margin-b-md__ceyGh rule_mb-rule--standard__amoIv" data-testid="rule-standard"><div class="flex_mb-flex__6laMs flex_mb-flex--row__44kW8 flex_mb-flex--justify-content-start__KcwEu flex_mb-flex--gap-sm__rAZkB flex_mb-flex--wrap__pcDfg"><a href="https://s100.copyright.com/AppDispatchServlet?publisherName=economist&amp;publication=economist&amp;title=Big%2C%20rich%20countries%20have%20rarely%20repaid%20debt%20with%20surpluses&amp;publicationDate=2025-10-13&amp;contentID=%2Fcontent%2Fd8c42vkcnhiof5v78nlu3549g8cmaon1&amp;type=SR&amp;orderBeanReset=TRUE" target="_blank" rel="noreferrer" data-analytics="end_of_article:reuse_this_content" class="button_mb-button__seg6h button_mb-button--secondary__B_8oH button_mb-button--medium__y9rSt button_mb-button--outline__8HZoJ button_mb-button--text-icon__N_J2S"><span>Reuse this content</span></a></div></div></div></div></div><div data-testid="right-hand-rail-ads" class="css-16hr1lf e1a1lgff0"><div class="css-1y1zooy epfkve70"><div class="adComponent_advert__kPVUI adComponent_right__A3uJw adComponent_hidden__Dp0GM"><div></div></div></div></div></div>

Since 1913, even default has been more common{ai:summary}<p>History shows rich countries rarely repay debt with surpluses; defaults common since 1913.</p><p>France 1848: debt perpetual; Britain never repaid WWI debts to US; 1933 voided creditor rights after ending the gold standard—a default; Europe defaulted around WWII #economy</p>

Big, rich countries have rarely repaid debt with surpluses

Big, rich countries have rarely repaid debt with surpluses

Since 1913, even default has been more common

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