sovereign default
failure or refusal of the government of a sovereign state to pay back its debt in full when due
en-US/ˈsɑvɹɪn dɪˈfɔlt/
en-GB/ˈsɒvəˌɹɪn dɪˈfɔːlt/
failure or refusal of the government of a sovereign state to pay back its debt in full when due