Episode 2 of 3
Declaration of Sovereign Default
- When
- 30 October 1875
- Where
- Ottoman Empire (location of decree not stated in sources)
The Ottoman government declared a sovereign default on foreign loan repayments on 30 October 1875 due to agricultural shortages preventing tax collection.
A severe drought in 1873 and flooding in 1874 caused famine in Anatolia, precluding the collection of necessary taxes. Consequently, the Ottoman government was forced to declare a sovereign default on its foreign loan repayments on 30 October 1875. This event is known in Turkish historiography as the Decree of Ramadan.
Sources
- Great Eastern Crisis Wikipedia, revision of 2026-10-02
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.