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Hope Springs EternalFrench Bondholders and the Repudiation of Russian Sovereign Debt$
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Kim Oosterlinck

Print publication date: 2016

Print ISBN-13: 9780300190915

Published to Yale Scholarship Online: January 2017

DOI: 10.12987/yale/9780300190915.001.0001

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Seeking Other Potential Payers

Seeking Other Potential Payers

Chapter:
(p.139) Five Seeking Other Potential Payers
Source:
Hope Springs Eternal
Author(s):

Kim Oosterlinck

, Anthony Bulger
Publisher:
Yale University Press
DOI:10.12987/yale/9780300190915.003.0006

Long before the Russian bonds were repudiated, the redrawing of territorial boundaries as a result of wars, annexations, and inheritances had raised the issue of the debt of territories that had either become independent or been incorporated into new nations. This issue was central in the case of the Russian bonds because the Russian revolution led to a division of the empire and the creation of new independent nations. This chapter analyzes the various statements made by successor countries. Many countries acknowledged on paper a form of liability but none ever repaid part of the Russian debt. It further shows that, on top of successor states, bondholders hoped that Russia would ask Germany to repay part of its debts in the framework of World War I reparations.

Keywords:   State succession, Debt partition, Country break-up, Versailles Treaty, World War I reparations

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