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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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A French Bailout?

A French Bailout?

(p.116) Four A French Bailout?
Hope Springs Eternal

Kim Oosterlinck

, Anthony Bulger
Yale University Press

This chapter details the reasons which prompted French investors to believe that France might bail them out. During the 19th century the French government had bailed out its citizens who had invested in the Mexican bonds the French government had promoted. In the Russian case the French government was even more involved. While legally the French government had never underwritten these bonds, it had vaunted their reliability and attractiveness. This was due to political reasons at a time when France felt it needed the diplomatic support of Russia but it was also the result of vast bribing campaigns undertaken by Russia. The fact that, during the First World War, France had paid the coupons on Russian bonds in the name of mutual assistance between allies put the French government in a delicate position. The chapter details the numerous parliamentary debates held to decide whether or not to bail out French holders of Russian bonds. The chapter concludes by describing the actions undertaken by foreign governments in terms of bailout.

Keywords:   Bailout, Bribes, Ethics, Parliamentary debates

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