This article may be confusing or unclear to readers. In particular, russian foreign debt to gdp readers will not understand “external” debt and will confuse with “public” debt, and for tax-haven locations like Ireland, Luxembourg and Singapore, “external debt” is a meaningless statistic, as none of it relates to the local economy.

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No one was willing to lend to them at attractive enough prices – so they used alternative funding sources. Same debt fall ratio movement as other funding sources are tapped and foreign owned debt defaults or is inflated away. Same hyperinflation spike and debt default flake as both domestic suppliers and foreign investors are punished to keep the country running. Is this answer still relevant and up to date?