Interest defaults led to a conversion of the debt in 1851, the interest rate being reduced from 5% to 3%.
The financial situation in Venezuela was for a long time extremely complicated and discreditable, owing to defaults in the payment of public debts, complications arising from the guarantee of interest on railways and other public works, responsibility for damages to private property during civil wars and bad administration.
Further defaults followed and in 1888 another adjustment was made by the issue of 6% gold-bearing bonds.
In financial matters Colombia is known abroad chiefly through repeated defaults in meeting her bonded indebtedness, and through the extraordinary depreciation of her paper currency.
Some of the new snazzy features I did indeed find to be snazzy, but a lot of the defaults are just downright annoying.
