Recent large current account deficits among industrialized countries have caused concern for policy makers. Some believe, for example, that the current buildup of claims on the U.S. by foreigners violates her solvency condition with respect to the rest of the world. Recent research [22] suggests that, for a country's intertemporal solvency condition to hold, the change in the country's obligations to the rest of the world (i.e., her current account deficit) must be stationary. Stationarity tests on current accounts were performed for the U.S. by Trehan and Walsh [22] and Wickens and Uctum [23], for the U.S. and Canada by Otto [15], and for twenty-three countries by Gundlach and Sinn [10]. These papers present evidence that current accounts are non-stationary for several major industrialized countries, including the U.S., the U.K., Canada, Germany, and Japan. These findings do not favor international intertemporal solvency. For this reason, the issue merits further investigation. In this paper, we test for the stationarity of current account deficits of the Group of Seven industrialized countries. Preliminary results confirm many of Gundlach and Sinn's [10] findings. However, several events during the 1980s might have caused discrete breaks in current account balances. Events potentially linked with current account breaks include: the reduction in world inflation, tax reduction and reform in the U.S. and other industrialized countries, attempts at international macroeconomic coordination (i.e., the Plaza Accord), and shifts in the after-tax rate of return on capital in many countries. As shown in recent research on gross national product [16; 2], if such breaks are not accounted for, stationarity tests will be biased in favor of accepting the null hypothesis of non-stationarity. Our results suggest strong evidence of discrete breaks in the U.S. and Japan, and some evidence favoring breaks in the U.K., Germany, and Canada. The break in the U.S. current account appears to occur in 1983, while breaks in the other countries appear to occur somewhat later, between late 1984 and 1987. More importantly, once these breaks are incorporated, the evidence is more favorable toward the stationarity of current accounts in these countries. These findings thus support intertemporal solvency for these countries.