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