Ottoman public debt in the Period of National Struggle

The issues in Ottoman Empire finance that started at the end of the 16. century by having deficits in the budget, became heavier with the deteriorations in other fields. In addition to budget deficits, foreign trade deficits are added with the 19. century. In such a financial environment, firstly domestic borrowings, then external borrowings came up to supply the needs of the empire. But this borrowings caused a serious vicious circle for Ottoman finance since not to spend in income generating fields. Especially the external borrowing process that started after Crimean War ended up with empire's bankrupt and after long negotiations, Ottoman Empire was obliged to transfer a good part of tax collection operation to foreigners, which is one of the most important indicator of sovereignty. This institution called as Ottoman Public Debt, showed up as a structure which can be accepted as original for Ottoman Empire with organizational structure, working principles and personnel management. Continuance of Ottoman Empire's borrowing even after this institution's appearance, brought about Ottoman Public Debt's impact area's enlargement. The Ottoman Public Debt which sustained its standard operations till First World War years, got into liquidation after achievement of Turkish national struggle, despite actual structural changes in First World War and National Struggle years. The Ottoman Public Debt which is one of the most important historical evidence that shows economic independence is one of the prior condition of political freedom, recorded as one of the most remarkable foundation. This study purposes to explain the appearance of related administration and historical development till 1923.