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Sovereign debt crises are not a new phenomenon. Thus, history offers useful insights into the complex nature of sovereign debts and ways of addressing debt crises. This chapter explores sovereign debt problems and the responses to such problems in historical perspective. The chapter discusses historical episodes of sovereign debt defaults, how such defaults were settled and the impact of sovereign debt defaults on international relations. It also deals with the issues of odious debts, colonial ‘sovereign’ debts, reckless lending and borrowing and fairness to repay.