Political cartoons: John Tenniel:
the Ottoman Empire declares a sovereign default

Mr Joberstock
< Image: Punch (23 Oct 1875)

After the Crimean War, the Ottoman Empire had raised loans from English and French banks to enable them to finance the construction of railways. The terms of these loans were extremely favourable to the banks and it became increasingly difficult for the borrowers to reduce their debt. In October 1865 the Ottoman government declared a sovereign default on its loans, refusing to pay back the whole of the amount owing, and many in the City suffered losses as a result.

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