An outright cancellation of all current and future external debt and equity obligations of a borrower. This constitutes a borrower’s refusal to take the binding character of an obligation for granted. Repudiation may only be confined to some part of the debt or its contractual provisions. In this sense, repudiation differs from simple default where a debtor admits the bindingness of the debt contract but declares inability to meet its terms and conditions. Since World War II, only China (1949), Cuba (1961), and North Korea (1964) have repudiated their sovereign obligations.