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.

This page enlarges an image or adds to the information found below:

Caricatures and cartoons: 3. Political cartoons

Top of the page

Logo

Victorian Turkish Baths: their origin, development, and gradual decline

 
Home pageSite mapSearch the site

Comments and queries are most welcome and can be sent to: 
malcolm@victorianturkishbath.org
 
The right of Malcolm Shifrin to be identified as the author of this work
has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988