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Financial Supervision and Political Resistance: Greece, 1879–1914

In: Sovereign Debt and International Financial Control

Author

Listed:
  • Ali Coşkun Tunçer

    (University College London)

Abstract

This chapter focuses on the final historical case of IFC, which was established in Greece in 1898 following the default of 1893. The Greek case perhaps represents another extreme where the role of IFC remained limited to entirely supervisory matters, it operated through an independent company, and its impact on overall creditworthiness of the country was, as a result, relatively minor. The IFC worked efficiently in managing the revenues under its control, however, there was significant discontent at the sides of both foreign bondholder representatives and Greek government. As a result, the IFC operated in a politically challenging environment and either could not achieve most of the intended reforms or reforms were implemented only partially and late. In the first half of the chapter, I start by outlining the history of sovereign borrowing in Greece, from the independence loans in 1820s to the establishment of IFC in 1898. The second half of the chapter will discuss the activities and organisation of the IFC from 1898 until 1914.

Suggested Citation

  • Ali Coşkun Tunçer, 2015. "Financial Supervision and Political Resistance: Greece, 1879–1914," Palgrave Studies in the History of Finance, in: Sovereign Debt and International Financial Control, chapter 6, pages 100-122, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-1-137-37854-5_6
    DOI: 10.1057/9781137378545_6
    as

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