The scholarly debate on the causes of the end of the Cold War has placed significant emphasis on the role of communist economic stagnation in bringing about the collapse of communism. This chapter brings a new material factor – communist sovereign debt – to the forefront, and in so doing, it offers a redefinition of the materialist explanation for the end of the Cold War. The global financial history of the end of the Cold War has four important implications. First, it makes the timing of the end of the Cold War far less contingent upon Gorbachev’s rise than previously thought. Second, it allows us to refine the causal connection between Soviet relative decline and the peaceful nature of the end of the Cold War. Third, global financial history transforms our understanding of Western leverage over the events that comprise the end of the Cold War. And fourth, the history of sovereign debt in the Eastern Bloc de-exceptionalizes the revolutions of 1989 in world history and places them within the context of broader global currents that continue to this day.