Ottoman public debt Totally Explained

Everything about The Ottoman Public Debt totally explained

The Ottoman public debt was a term dated back to 1854, when the Ottoman Empire contracted its European creditors shortly after the beginning with the Crimean War. In 1881 Ottoman Public Debt Administration was established by the European creditors to collect (certain revenues were assigned) the money by the Decree of Muharrem .

Size

Ottoman Empire

In 1875 the nominal public debt was £200,000,000, with annual interest and amortization payments of £12,000,000, more than half the national revenue.
In December 1881, the debt was reduced from £191,000,000 to £106,000,000 with governments confession to PDA.

Republic of Turkey

In 1929 it was agreed that Republic of Turkey would only pay 67% of the debt, which amounted to 107.5 million gold lira. Further Information

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