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International Financial Control
The International Financial Commission () was a six-person commission established in 1898 to enforce repayment of sovereign debt by the Kingdom of Greece to its creditors. It is often referred to in Greece as the instrument of International Financial Control (), an expression that refers generally to the foreign supervision of the country's public finances. Background and precedent international practice Between 1857 and 1859, the UK, France and Russia created the International Financial Commission of Inquiry, a commission whose goal was reporting Greece's capability of repaying the debt of 1833. This commission, by the intervention of Russia, did not have the role of controlling the economy and ensuring payments; it was restricted to an advisory role. The result from the work of this commission was the payment of an instalment amounting to 900,000 French francs in 1860. Ottoman Tunisia bankrupted in 1869 in a similar economic situation. In order to collect its debts, the C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Sovereign Debt
A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to stimulus measures during the Great Recession, and the COVID-19 recession. Governments may take on debt when the government's spending desires do not match government revenue flows. Taking d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
