Introduction
Nowadays, there is much talk about Greece’s bankruptcy because of failure to service its foreign debt. Internationally renowned economists, politicians, and government advisors have spent a great amount of time to analyze Greece’s economy, bankruptcy, and also indicating possible dates. Ottoman Period
During the Ottoman rule, the Greeks, like other people of the Ottoman Empire were practicing their professions, worked their crafts and trades, and in some periods their properties were confiscated and people were prosecuted. Before the Greek Revolution, Greeks were helped from the Küçük Kaynarca treaty, regarding trade, and ship-owners were practicing their profession using Russian flag on their ships.
The Economics of War of Independence (1821 Revolution -1832)
On April 12, 1823, the Second National Assembly at Astros decided to establish a foreign loan which would radically …show more content…
The fund was minus and taxes, customs duties, booties, the ransom, internal borrowing, and contributions of local people and “philhellenes”, expenses were 38 million. However, grosses and revenues were just 12 million piastres. The need for external borrowing was no longer the only way. Therefore, on June 2, 1823, the Executive authorized the John Orlando, Andrea Zaimi and Andreas Lourioti to go to London and conclude loan 4,000,000 Spanish talliron. The Greek paradox certainly appeared again when the Committee did not have money to travel, which was ultimately covered by a loan from Lord Byron. On January 26, 1824, John Orlandos and Andreas Louriotis arrived in London, and after intense negotiations, a loan of 800,000 pounds was approved. The loan had interest at 5%, 3% commission, insurance and 1.5% repayment period 36 years. The loan was immediately dropped after it had set at 59% of nominal (472.000 pounds), and immediately after supplies were removed, amortization, and two years deposit interest totaling 98,000 pounds, with just
Nowadays, there is much talk about Greece’s bankruptcy because of failure to service its foreign debt. Internationally renowned economists, politicians, and government advisors have spent a great amount of time to analyze Greece’s economy, bankruptcy, and also indicating possible dates. Ottoman Period
During the Ottoman rule, the Greeks, like other people of the Ottoman Empire were practicing their professions, worked their crafts and trades, and in some periods their properties were confiscated and people were prosecuted. Before the Greek Revolution, Greeks were helped from the Küçük Kaynarca treaty, regarding trade, and ship-owners were practicing their profession using Russian flag on their ships.
The Economics of War of Independence (1821 Revolution -1832)
On April 12, 1823, the Second National Assembly at Astros decided to establish a foreign loan which would radically …show more content…
The fund was minus and taxes, customs duties, booties, the ransom, internal borrowing, and contributions of local people and “philhellenes”, expenses were 38 million. However, grosses and revenues were just 12 million piastres. The need for external borrowing was no longer the only way. Therefore, on June 2, 1823, the Executive authorized the John Orlando, Andrea Zaimi and Andreas Lourioti to go to London and conclude loan 4,000,000 Spanish talliron. The Greek paradox certainly appeared again when the Committee did not have money to travel, which was ultimately covered by a loan from Lord Byron. On January 26, 1824, John Orlandos and Andreas Louriotis arrived in London, and after intense negotiations, a loan of 800,000 pounds was approved. The loan had interest at 5%, 3% commission, insurance and 1.5% repayment period 36 years. The loan was immediately dropped after it had set at 59% of nominal (472.000 pounds), and immediately after supplies were removed, amortization, and two years deposit interest totaling 98,000 pounds, with just