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65:, a commission whose goal was reporting Greece's capability of repaying the debt of 1833. This commission, by the intervention of Russia, did not have the role of controlling the economy and ensuring payments; it was restricted to an advisory role. The result from the work of this commission was the payment of an instalment amounting to 900,000 French francs in 1860.
107:
declared bankruptcy. Partial control, which was typical and insubstantial, was imposed by the country's creditors without having the power to interfere in the Greek public finances. The Greek government, over half of whose revenue went in 1893 to service loans, was in addition beset by clientelism.
71:
bankrupted in 1869 in a similar economic situation. In order to collect its debts, the
Commission Financière Internationale was established in the country by its creditors: France, UK and Italy. This committee was responsible for the management of state finances to ensure the repayment of Tunisian
166:
Mortgaging tax incomes to repay the loans. To do that, the
Commission acquired regular sources of income and assessed the state agencies for their efficiency and their tax collecting ability. The Commission collected the incomes from the monopolies of salt, oil, matches, playing cards, cigarette
162:
Issuing a war reparations loan and an "economic loan". A guaranteed loan of 151,300,000 French francs was given to Greece by the Great Powers. The loan was used to pay 93,900,000 francs to the
Ottoman Empire as war reparations, the current state debt of 31,400,000 francs, the 1897 deficit of
451:
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The negotiations led to the imposition of the
International Financial Control for the financial restructuring of Greece and the subsequent guarantee that the country would be able to pay back its loans, old and new.
62:
198:. According to some observers, the experience was not wholly negative for public administration, as it allowed the state to increase revenues, and reduced the outflow and misappropriation of capital.
155:, Russia and Italy) started in October 1897 and resulted in the instatement of Law 2519/23-2-1898, according to which the International Financial Commission was established and subsequently renamed.
523:
195:
415:
356:
355:
Schönhärl, Korinna, European
Investment in Greece in the Nineteenth Century. A Behavioural Approach to Financial History, London and New York 2021, pp. 296-330,
377:
454:[Government Gazette Issue A 28/1898: "About International Control, Law 2519"] (in Greek). Hellenic National Printing Office. 26 February 1898
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https://www.routledge.com/European-Investment-in-Greece-in-the-Nineteenth-Century-A-Behavioural-Approach/Schonharl/p/book/9780367252106
87:(OPDA), a debt collecting organization with 5,000 employees. OPDA had more than twenty offices in the provinces of the empire, from
548:
115:. Greece was in a difficult position, with its armed forces unable to stop the advance of the Turkish army, which had captured
378:"How Did Creditors Enforce Sovereign Debt Contracts? International Financial Control during the Classical Gold Standard Era"
265:[The imposition of the International Financial Control] (in Greek). Greece: Rizospastis. 6 December 1996. p. 12
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Several years of fruitless negotiations followed. The first modern
Olympic Games (held in 1896) increased state expenses.
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was forced to negotiate additional loans with the country's creditors, with the disadvantageous precedent of bankruptcy.
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120:
84:
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95:, with complete freedom in deciding the debt collection manner, and attributed the debts to the creditor countries.
282:[International Financial Control: 112 years from its (last) imposition!] (in Greek). Greece: eurocapital.gr
384:
318:[The Financial Economic Control of 1898 (History repeats itself?)] (in Greek). Greece: tvxs. 28 July 2011
124:
225:
112:
53:), an expression that refers generally to the foreign supervision of the country's public finances.
553:
432:[The bankruptcy of 1893 and the International Financial Control] (in Greek). larissanet.gr
299:[From the bankruptcy of 1893 to the International Financial Control] (in Greek). Greece:
334:
in C Paulus (Ed), "Sovereign
Default – Do We Need a Legal Procedure?" (C.H. Beck/Hart: May 2014)
348:
Dette publique de la Grèce: historique, lois, décrets, conventions, règlements, protocoles, etc
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127:. The treaty put forward the condition that Greece had to pay Turkey the sum of 4,000,000
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The IFC remained in Athens until 1936. It played a key role in the administration of the
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lemonde.fr: "Quand la France et l’Allemagne mirent la Grèce sous tutelle… en 1898"
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280:"Διεθνής Οικονομικός Έλεγχος: 112 χρόνια από την (προηγούμενη) επιβολή του!"
245:[The history of "unfortunately, we bankrupted"] (in Greek). Greece:
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33:) was a six-person commission established in 1898 to enforce repayment of
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to its creditors. It is often referred to in Greece as the instrument of
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telegraph.co.uk: "Greece is being treated like a hostile occupied state"
123:. The country was forced to accept defeat on 4 December 1897, with the
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Supervision of the public finances of Greece imposed by
European powers
383:. LSE, Economic History Thesis Workshop. pp. 3–4. Archived from
316:"Ο Διεθνής Οικονομικός Έλεγχος του 1898 (η Ιστορία επαναλαμβάνεται;)"
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22,500,000 francs and the loan issuing expenses of 3,500,000 francs.
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Echoes of
History: The International Financial Commission in Greece
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171:, the tobacco tax, the stamp duties and impounded duties from the
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The negotiations with the creditors' representatives (UK, France,
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The situation changed when Greece clashed with Turkey during the
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Bankruptcy of Greece and defeat in the Greco-Turkish War of 1897
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defaulted similarly in 1875 and on 20 December 1881, with the
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Between 1857 and 1859, the UK, France and Russia created the
297:"Από τη χρεοκοπία του 1893 στο Διεθνή Οικονομικό Ελεγχο"
430:"Η πτώχευση του 1893 και ο Διεθνής Οικονομικός Έλεγχος"
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Greece. Commission financière internationale (1905).
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lending in the 1920s under the aegis of the League's
452:"ΦΕΚ A 28/1898 Περί Διεθνούς Ελέγχου, Νόμος ΒΦΙΘ΄"
131:, as immediate war reparation. The government of
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103:In 1893, the government of Greek Prime Minister
31:Commission Internationale Financière de la Grèce
57:Background and precedent international practice
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63:International Financial Commission of Inquiry
263:"Η επιβολή του Διεθνούς Οικονομικού Ελέγχου"
521:International Financial Commission (Greece)
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243:"Το ιστορικό του "δυστυχώς, επτωχεύσαμεν""
158:The agreement provided for the following:
428:Tsitsanoudi, Nikoletta (6 October 2011).
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473:Psalidopoulos, Michalis (8 July 2011).
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475:"Από την πτώχευση του 1893 στο Γουδί"
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278:Siatras, Giannis (11 February 2010).
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544:Economic history of Greece
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351:(in French). Sakellarios.
113:Greco-Turkish War of 1897
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495:(Subscription required.)
125:Treaty of Constantinople
526:5 December 2011 at the
479:www.kathimerini.com.cy
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481:(in Greek). Cyprus:
376:Tuncer, Ali Coşkun.
230:Sultanate of Morocco
105:Charilaos Trikoupis
212:Khedivate of Egypt
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236:Sources
228:in the
219:in the
210:in the
72:debts.
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