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Constantinos Herodotou, governor of the Central Bank of Cyprus (CBC), has called for the preservation of fiscal space, as economic prospects are deteriorating due to Russia's war in Ukraine.

The international rating agency based in London - Fitch Ratings, lowered the long-term rating of the Republic of Belarus from "CCC" to "C". This brings the country one step closer to bankruptcy. This is stated in a message on the agency's official website.

For the first time since 1918, Russia has failed to repay its government debt in foreign currency, according to Bloomberg.

For months, Russia has wavered on the brink of default, today is the culmination of the financial battle that the United States and other countries are waging against the Kremlin over the invasion of Ukraine.

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100 million interest payment seems certain to be missed.

Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors.

Moscow and Caracas have signed an agreement to restructure the Latin American country's $3 billion debt to Russia. The new schedule extends repayments for 10 years with minimal payments in the first six years, according to the Russian Finance Ministry.

The Hellenic Bank Association is asking for changes to the bill on the extrajudicial settlement of debts to lenders, warning it could turn into a refuge for strategic defaulters.

Bank officials note that unless some modifications are made the new mechanism will torpedo the effort to reduce nonperforming loans, which would have dramatic consequences on the banks' capital base.

As concerns over Greece and its debt mount, Athens has reportedly decided to call in Rothschild, one of the oldest financial firms in the world, to navigate the country's long-running creditor stand-off and avert default.

The volume of defaulted credit card and consumer loan debts reached 15.1 billion Turkish Liras ($5 billion) in July, according to figures from Turkey's banking watchdog. 

Defaulted credit card and consumer loan debts rose by 14.5 percent and by 20 percent, respectively, since the beginning of the year, according to data from the Banking Regulation and Supervision Agency (BDDK). 

In the following infographic you can see the biggest defaults in modern history from 1983 onwards. Unsurprisingly, Greece stands on top of the rest. Argentina comes a distant second, while Russia’s default in 1998 under President Yeltsin wraps up the top 3. Four European countries are found on the list.

Argentina, which defaulted on a mountain of debt more than a decade ago, expressed solidarity with Greece Monday as it inches toward missing a critical debt payment.

Greece's woes are sending ripples through stock markets around the world and prompting worries the country may be headed toward abandoning the euro.