But some cities defaulted, and they were apparently among those assigned to Malichus.
During these years Venezuela had been pursuing the dangerous policy of granting interest guarantees on the construction of railways by foreign corporations, which not only brought the government into conflict with them on account of defaulted payments, but also through disputed interpretations of contracts and alleged arbitrary acts on the part of government officials.
Until 1900, when an adjustment of the matter was reached, there was also another disputed debt to the national government, owing to the collapse in 1839 of a so-called Real Estate Bank of Arkansas, in which the state had invested more than $500,000 paid to it by the United States in exchange for Arkansas bonds to be held as an investment for the Smithsonian Institution, on which bonds the state defaulted after 1839.
How would you define defaulted? Add your definition here.