2012 Event The Egan-Jones Ratings Company projects Italy has a one-year default probability of 22%, downgrading the country to CCC+ from B+ 2011 Event Higher than expected consumer price index figures and U.S. default concerns cause the Australian dollar to reach a post-float record against the U.S. dollar 1944 Event Belgian nazi Leon Degrelle at default to the death sentenced 1934 Event U.S. Congress passes Johnson Debt Default Act 1873 Event Panic sweeps New York Stock Exchange (railroad bond default/bank failure) New York shut banks for 10 days due to a bank scandal
