Sovereign governments in emerging markets often partially default on their debts, leading to lengthy default episodes. This partial default results in lenders taking losses, but the debt continues to accumulate as the government borrows more. The intensity and duration of partial default can be chosen by the government, but it can worsen debt crises by increasing interest rates on defaulted debt. The study shows that partial default patterns are related to spreads, debt levels, and economic output. Policy changes like pari passu clauses and debt relief could have implications for welfare.