By Richard Stoneman
From Herodotus to Freya Stark, writers were encouraged by means of Turkey, a various nation on the crossroads of heritage, for millennia. right here, Richard Stoneman describes in full of life aspect the amazing literature they produced. At a time whilst Turkey’s place at the fringe will be set to alter to a deeper involvement in Europe, the necessity to comprehend the rustic is much more compelling. the diversity of trip writing represented during this e-book indicates how, whereas political conditions could swap, the entice of Turkey continues to be constant.
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Extra info for Across the Hellespont. A Literary Guide to Turkey
The creation of the OPDA in 1881 was a result of the European pressure for debt settlement following the default in 1875. For creditors, the OPDA represented a cooperative effort to secure the repayment of foreign loans and to develop a monitoring and enforcement mechanism for future direct or indirect investments in the Empire. For the Ottoman Empire, on the other hand, the establishment of the OPDA constituted a severe blow to Ottoman pride and sovereignty. For the first time in its history, the Ottomans were forced to surrender a considerable portion of the state’s most liquid revenues to the unconditional control of a ‘foreign’ commission, which constituted a ‘state within the state’.
For the first time in its history, the Ottomans were forced to surrender a considerable portion of the state’s most liquid revenues to the unconditional control of a ‘foreign’ commission, which constituted a ‘state within the state’. Nevertheless, it is also true that the establishment of the OPDA provided an instrument for committing credibly to the terms specified in the debt contracts and to the protection of foreign investment in the Empire. This commitment created a safer environment for foreign capital and gave the Ottoman government greater access to foreign capital markets at lower risk premiums.
However, foreign capital hardly remained indifferent to the high interest rates offered by the government. 32 They borrowed from abroad and lent to the government, often enjoying substantial profits for their intermediary roles. Through this system the government continued to borrow from the local bankers at higher interest rates and avoided borrowing directly from foreign creditors. 33 It was not uncommon for European governments to demand political concessions from the borrower as a precondition to open their markets to their bonds.