Sovereign debt

Sovereign debt consists of financial obligations incurred by a national government, usually through borrowing from domestic or foreign creditors. It may be denominated in the government's own currency or another currency.

Government bond: A debt security issued by a government that promises payments under specified terms. Governments commonly raise sovereign debt by selling bonds to investors.
Public debt: The total outstanding financial obligations of a government or public sector. Sovereign debt is the national-government component of public debt.
Corporate debt: Financial obligations incurred by a business, commonly through loans or bonds. Unlike sovereign debt, corporate debt is issued by companies rather than national governments.
Debt crisis: A severe difficulty meeting debt payments that disrupts a borrower, its creditors, or the wider economy. A sovereign debt crisis can disrupt public services, markets, and access to new financing.
Debt service: Payments of interest and principal required to meet a debt obligation. A government's capacity to make these payments shapes whether its debt remains sustainable.
Debt-to-GDP ratio: A measure comparing a country's debt with the value of its annual economic output. It places a government's obligations in relation to the size of its economy.
Household debt: Financial obligations owed by individuals or households to creditors. Households cannot tax a population or issue national currency as governments may.
International Monetary Fund: An international organization that provides financial assistance and policy advice to member countries. It often lends to governments facing balance-of-payments and sovereign financing crises.
Debt restructuring: A change to the terms of debt intended to ease or resolve repayment difficulties. When a government cannot meet its original terms, it may negotiate new ones with creditors.
Currency mismatch: A situation in which income and liabilities are denominated in different currencies. Foreign-currency sovereign debt can become harder to repay when the national currency falls.

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