The Chilean independence debt was a debt obtained from a large loan the nascent republic of Chile obtained in the last years of its independence war. The loan was obtained in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

in 1822 by the government of

Bernardo O'Higgins Bernardo O'Higgins Riquelme (; August 20, 1778 – October 24, 1842) was a Chilean independence leader who freed Chile from Spanish rule in the Chilean War of Independence. He was a wealthy landowner of Basque-Spanish and Irish ancestry. Althou ...

. To address the debt

Minister of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...

Manuel Rengifo Manuel Rengifo Cardenas (December 31, 1793 – March 16, 1845) was a Chilean politician. Early life He was son of Francisco Javier Rengifo and Ana Josefa Cardenas Vial. At 15 years old, he supported his mother and siblings. After the disas ...

made first a study to identify all debts incurred before 1830. Chilean agent Francisco Javier Rosales was sent to London to negotiate the payments of the debt in 1836. He was however unable to reach an agreement with the creditors. Exports of Chilean silver alongside copper and

wheat Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...

were instrumental to allow Chile cure the

default Default may refer to: Law * Default (law), the failure to do something required by law ** Default (finance), failure to satisfy the terms of a loan obligation or failure to pay back a loan ** Default judgment, a binding judgment in favor of ei ...

in the 1830s and 1840s.

Joaquín Tocornal Joaquín Tocornal Jiménez (1788–1865) was a Chilean political figure. He served several times as minister, and participated actively in the war of independence in that country. He was born in Santiago, Chile; the son of Juan Bonifacio de Toc ...

who succeeded Rengifo as Minister of Finance paid off all the default and refused at the time to take new loans.

References

{{reflist Economic history of Chile Government debt 1820s economic history 1830s economic history 1840s economic history