"A sovereign default (/\u02C8s\u0252v\u1D4Ar\u0268n d\u026A\u02C8f\u0254\u02D0lt/) is the failure or refusal of the government of a sovereign state to pay back its debt in full. Cessation of due payments (or receivables) may either be accompanied by formal declaration (repudiation) of a government not to pay (or only partially pay) its debts, or it may be unannounced."@en .