Abdulaziz was the sultan of the Ottoman Empire from 25 June 1861 to 30 May 1876, when he was overthrown in a government coup. He was a son of Sultan Mahmud II and succeeded his brother Abdulmejid I in 1861.
Lira is the name of several currency units. It is the current currency of Turkey and also the local name of the currencies of Lebanon and of Syria. It is also the name of several former currencies, including those of Italy, Malta and Israel. The term originates from the value of a Roman pound of high purity silver. The libra was the basis of the monetary system of the Roman Empire. When Europe resumed a monetary system, during the Carolingian Empire, the Roman system was adopted. The Roman denominations librae, solidi, denarii were used.
An indenture is a legal contract that reflects or covers a debt or purchase obligation. It specifically refers to two types of practices: in historical usage, an indentured servant status, and in modern usage, it is an instrument used for commercial debt or real estate transaction.
The Cyprus Convention of 4 June 1878 was a secret agreement reached between Great Britain and the Ottoman Empire which granted administrative control of Cyprus to Britain, in exchange for its support of the Ottomans during the Congress of Berlin. Provisions in the Convention retained Ottoman rights over the territory of Cyprus.
In the late 18th century, the Ottoman Empire faced threats on numerous frontiers from multiple industrialised European powers. In response, the empire initiated a period of internal reform, attempting to bring itself into competition with the expanding West. The period of these reforms is known as the Tanzimat, and led to the end of the Old Regime period. Despite the Ottoman empire's precarious international position, the central state was significantly strengthened. The process of reforming and modernization in the empire began with the declaration of the Nizam-I Cedid during the reign of Sultan Selim III and was punctuated by several reform decrees, such as the Hatt-ı Şerif of Gülhane in 1839 and the Hatt-ı Hümayun in 1856. Over the course of the 19th century, the Ottoman state became increasingly powerful and rationalized, exercising a greater degree of influence over its population than in any previous era.
The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst economic crisis in the nation's history. A second debt restructuring in 2010 brought the percentage of bonds under some form of repayment to 93%, though ongoing disputes with holdouts remained. Bondholders who participated in the restructuring settled for repayments of around 30% of face value and deferred payment terms, and began to be paid punctually; the value of their nearly worthless bonds also began to rise. The remaining 7% of bondholders were later repaid 25% less than they were demanding, after centre-right and US-aligned leader Mauricio Macri came to power in 2015.
The economic history of the Ottoman Empire covers the period 1299–1923. Trade, agriculture, transportation, and religion make up the Ottoman Empire's economy.
The Ottoman Bank, known from 1863 to 1925 as the Imperial Ottoman Bank and correspondingly referred to by its French acronym BIO, was a bank that played a major role in the financial history of the Ottoman Empire. By the early 20th century, it was the dominant bank in the Ottoman Empire, and one of the largest in the world.
A Decree of Muharram or Firman of Muharram is any of a number of decrees or firmans issued by the Ottoman Empire in the Islamic month of Muharram. The most important of which, both issued by ‘Abdu’l-Hamid II during the decline of the Ottoman Empire, are:
The Ottoman Public Debt Administration (OPDA), was a European-controlled organization that was established in 1881 to collect the payments which the Ottoman Empire owed to European companies in the Ottoman public debt. The OPDA became a vast, essentially independent, bureaucracy within the Ottoman bureaucracy, run by the creditors: Its governing council included one representative each from British, French, German, Austrian, Italian, Dutch, and Ottoman creditors, and one representative from the Ottoman state. It employed 5,000 officials who collected taxes that were then turned over to the European creditors. At its peak it had 9,000 employees, more than the empire's finance ministry.
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments may either be accompanied by that government's formal declaration that it will not pay its debts (repudiation), or it may be unannounced. A credit rating agency will take into account in its gradings capital, interest, extraneous and procedural defaults, and failures to abide by the terms of bonds or other debt instruments.
The Corporation of Foreign Bondholders was a British association established in London in 1868 by private holders of debt securities issued by foreign governments, states and municipalities.
The Caisse de la Dette Publique was an international commission established by a decree issued by Khedive Isma'il of Egypt on 2 May 1876 to supervise the payment by the Egyptian government of the loans to the European governments following several modernisation projects including the construction of the Suez Canal. The Khedive had defaulted on paying back Egypt's foreign debts, which were mostly owned to the British and the French. These governments in turn joined to impose a system of supervision over Egypt's debts. The goal of the commission was to investigate everything regarding Egypt's foreign debts; what Egypt could afford to pay, in what way the taxes were collected, how high the amount of floating debt was, and how that debt had been incurred.
The Funding Act of 1790, the full title of which is An Act making provision for the [payment of the] Debt of the United States, was passed on August 4, 1790, by the United States Congress as part of the Compromise of 1790, to address the issue of funding of the domestic debt incurred by the state governments, first as Thirteen Colonies, then as states in rebellion, in independence, in Confederation, and finally as members of a single federal Union. By the Act, the newly-inaugurated federal government under the U.S. Constitution assumed and thereby retired the debts of each of the individual colonies in rebellion and the bonded debts of the States in Confederation, which each state had individually and independently issued on its own "full faith and credit" when each of them was, in effect, an independent nation.
The pound or lira was the currency of the Ottoman Empire from 1844 until 1927, when it was replaced by the Turkish lira. The Ottoman lira remained in circulation until the end of 1927, as the republic was not in a position to issue its own banknotes yet in its early years.
The Ottoman Tobacco Company, also known as the Régie Company for its French official name Société de la régie co-intéressée des tabacs de l'empire Ottoman, was a parastatal company or Regie formed in the later Ottoman Empire by the Ottoman Public Debt Administration, with backing from a consortium of European banks. The company had a monopoly over tobacco production, and its revenue was intended to help overcome the Ottoman state's persistent shortage of income. The Ottoman Tobacco Company constituted the largest foreign investment in the Ottoman Empire, and it attempted to introduce more efficient production methods – against local resistance.
The Great Eastern Crisis of 1875–1878 began in the Ottoman Empire's territories on the Balkan peninsula in 1875, with the outbreak of several uprisings and wars that resulted in the intervention of international powers, and was ended with the Treaty of Berlin in July 1878.
The International Financial Commission was a six-person commission established in 1898 to enforce repayment of sovereign debt by the Kingdom of Greece to its creditors. It is often referred to in Greece as the instrument of International Financial Control, an expression that refers generally to the foreign supervision of the country's public finances.
Greylock Capital Management, LLC is a U.S. Securities and Exchange Commission registered alternative investment adviser that invests globally in high yield, undervalued, and distressed assets worldwide, particularly in emerging and frontier markets. The firm was founded in 2004 by Hans Humes from a portfolio of emerging market assets managed by Humes while at Van Eck Global. AJ Mediratta joined the firm in 2008 from Bear Stearns and serves as its president.
State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. Certain politicians and scholars have argued that the law should be amended to allow states to file for bankruptcy.