XIXᵉ siècle – XIXᵉ siècle
Tunisia
Traduction non disponible · Original (anglais) · français indisponible
Tunisia’s nineteenth-century financial crisis resulted from costly modernization, foreign borrowing, usurious local loans, poor harvests, famine, and epidemic disease. Government debt rose sharply while revenues remained limited, and corruption and commissions reduced the funds actually received by the beylik. Bankruptcy led France, Britain, and Italy to impose an international financial commission in July 1869, which took control of Tunisian state revenues to service the debt.
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Le récit
Tunisia’s financial crisis grew out of a costly programme of modernization and public works undertaken on the advice of French and British consuls. The beylik purchased obsolete military and naval equipment at exorbitant prices and commissioned expensive works, including the rebuilding of the Roman aqueduct at Carthage and the construction of consular residences. These expenditures deepened dependence on local brokers and foreign lenders.
By 1862, local creditors—especially Jewish financial brokers from Leghorn operating under European protection—held claims of almost 28 million francs on government loans raised at usurious rates. From 1863, the bey turned to foreign lenders, and loans authorized by the French government were floated on the Paris market. Commissions, bribes, speculation, and fraudulent transactions meant that only part of the borrowed money reached the Tunisian government, while the debt continued to expand.
The debt reached approximately 100 million francs at the beginning of 1866 and 160 million francs in February 1870, against annual revenue of only about 10 to 15 million francs. Poor harvests between 1866 and 1870, together with famine and an epidemic in 1867, pushed the government toward bankruptcy. On 5 July 1869, France, Britain, and Italy compelled the bey to accept an international financial commission that controlled state revenue and fixed annual debt repayments at 6.5 million francs.
XIXᵉ siècle – XIXᵉ siècle
Tunisia
Traduction non disponible · Original (anglais) · français indisponible
Tunisia’s nineteenth-century financial crisis resulted from costly modernization, foreign borrowing, usurious local loans, poor harvests, famine, and epidemic disease. Government debt rose sharply while revenues remained limited, and corruption and commissions reduced the funds actually received by the beylik. Bankruptcy led France, Britain, and Italy to impose an international financial commission in July 1869, which took control of Tunisian state revenues to service the debt.
Poursuivre l’exploration
Le récit
Tunisia’s financial crisis grew out of a costly programme of modernization and public works undertaken on the advice of French and British consuls. The beylik purchased obsolete military and naval equipment at exorbitant prices and commissioned expensive works, including the rebuilding of the Roman aqueduct at Carthage and the construction of consular residences. These expenditures deepened dependence on local brokers and foreign lenders.
By 1862, local creditors—especially Jewish financial brokers from Leghorn operating under European protection—held claims of almost 28 million francs on government loans raised at usurious rates. From 1863, the bey turned to foreign lenders, and loans authorized by the French government were floated on the Paris market. Commissions, bribes, speculation, and fraudulent transactions meant that only part of the borrowed money reached the Tunisian government, while the debt continued to expand.
The debt reached approximately 100 million francs at the beginning of 1866 and 160 million francs in February 1870, against annual revenue of only about 10 to 15 million francs. Poor harvests between 1866 and 1870, together with famine and an epidemic in 1867, pushed the government toward bankruptcy. On 5 July 1869, France, Britain, and Italy compelled the bey to accept an international financial commission that controlled state revenue and fixed annual debt repayments at 6.5 million francs.
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