This time last year it was Ivory Coast, and today it was Kazakh sovereign wealth fund-controlled BTA bank which failed to pay $160 million in coupons on its debt.

In late 2009, Ukrainian state energy firm Naftogaz restructured its debt, the same year government-owned Dubai World declared a standstill on coupon payments.

While we’ve all been looking at possible sovereign default in the euro zone, it’s easy to forget that other governments or state-linked entities may also be facing difficulties. In many cases, apparent state backing may not mean much if governments do not rush to the aid of cash-strapped firms.

Only today, Spain denied reports it was guaranteeing the debt of regional authority Valencia.

For BTA, which has said it wants to restructure its debt, this isn’t the first time